My view on what might happen. Complete guesswork and it could explain the delay. WDS to take up the option and the partners to on sell a similar proportion to one of the majors. The sale to include free carry of two wells. WDS to sell around 30%, leaving it with 26%. PCL sells 10% and retains 10% after picking up 1% already agreed to from Sintana. This would give PCL 3 free wells; one from WDS and two from the major. The major to be operator for all three wells. There would be much discussion about the exact percentages involved-hence the delay. Timing would also need to be sorted. Seems to me the only way PCL might get to production! I think they would also copy FAR with a 100 to 1 share reduction and an issue if oil is ,as we all hope, is to be found in PL87. Just my rave for discussion. I'd be interested in other views, but let's not have arguments about the exact percentages. The time taken for Galp to sell 40% to a number of majors indicates the complexities of these types of negotiations. You can bet more than one major would be interested in PL87! WDS would also have one fewer project on its plate and would have a cash injection as well. GLTA . Not expecting bad news. Just delays!
PCL Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
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