My thoughts are that if the first drill is a success then PCL can quickly raise sufficient funds to pay for our share of the second drill. That keeps our percentage of the permit at 20%. If the second drill is also successful then we need to decide if we continue to fund further wells or we will put the for sale sign up and consider any bids (Finding a company who has sufficient capital to pay for us will be challenging ..... I think). If the first well is a duster (PCL would have to be the unluckiest company on the planet for that to happen given the success rate of all the other drilling that has happened in the Orange Basin) then I would expect that PCL will opt for the 10% exchange for payment of the second well as the share price will have tanked big time and raising capital will be problematic ( I don't think the first well will be a duster).
PCL Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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