Ann: Management Q&A Session, page-138

i have just listened to the Q&A - totally relaxed about all the responses, as i keep posting, O&G exploration takes a bloody long time and add 50% to what u think it should and you will still be short. the seismic analysis with all the new tech and modelling has exploded the old timeframes out hugely.

the one area that interested me the most was the Seismic Licence.

So it is a unique situation which neither PCL or the Gov have had to issue such a licence and therefore properly cannot give a timeline. fair enough

It becomes irrelevant should WDS become the JV partner - ie proceed to drilling.

I find it a little cheeky though that WDS tag the granting of the licence BE linked to the setting of the 6 months decision date to opt in or out.

yes they spent a lot of $$ - but if they do not proceed to drill - what use is it. Is it theirs to sell - i doubt it becuase it is also owned by the Nam Gov and i assume PCL - so any future partner would be able to access the seismic to proceed with their analysis and hopefully then drill - so it am a bit unsure of its need?, and its link to the setting of the long stop date.

But still WDS are proceeding their analysis clearly without the licence being an issue - until it is - if they wish to leave - which then if this is the case, could this hold up PCL getting a new partner, becuase WDS will not leave until they recieve the sisemic licence. ie They might not indicate to the JV they intend to leave ( just internally) but await licence and then do so??? - a bit far fetched i know.

I did wonder why PCL would be expending $$ doing their own analysis - BUT the response by Iain that it is a contingency plan should WDS go - is i think fantastic, and anyway i guess they also become very familiar with their own targets, not just relying on what WDS might put forward and accept it out of hand.

i am still buying and how many times do you see this kind of sp thrashing - all kinds of worries appear and then one ann - and it is all forgotten and off to the races we go!!!