IMO the 40% Galp Mopane share is like the Premier League of the oil industry and Woodside cannot compete with the major oil companies. Woodside did not manage to overtake Santos recently. Perhaps the cracy American oil poker players from smaller Apache take full risk and go all in for Mopane, but Woodside is not a company, ready to go all in in Namibia, risking the whole company. IMO the only reason Woodside is visiting the GALP data room is to learn more about the successfull drilling in the neighbouring block. I expect that the GALP strategy is a blue print for Woodside`s strategy in the case Woodside discovers 40 billion bbl oil in place in Saturn and for farming down their share. In the past I said that I think that Woodside is not the best choice and operator for Saturn. But the farm down of Mopane and a potential farm down of a potential very successfull Saturn discovery by Woodside will create very solid pricetags for monster turbidite systems full of oil in Namibia offshore for swallowing the small fishes like Pancontinental or Sintana.
PCL Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
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