General Thoughts, page-5600

A take on this NAMCOR delay and one that some share on other boards...

We are currently waiting for NAMCOR to sign off on an apparent 4-5 page doc. Per the quarterly on 30 April (almost 5 months ago), this involves "(b) the PEL 87 Joint Venture providing to Woodside a license (Seismic License) to utilise the PEL 87 3D seismic data (subject to authorisation by the Ministry of Mines & Energy, MME). Condition (a) has now been met, with final deliverables having been received mid-April 2024. Pancontinental is working to finalise joint venture and MME approvals to the Seismic License so that condition (b) will be met and the long stop date thereby established."

Why the delay then? Some have the view that NAMCOR are puzzled / ticked off that PGS (acquirer of the 3D survey) provided to WDS the 3D data. Instead, that data should only have been provided to PCL to then share with JV partners (of which WDS is not one). Despite paying for it, if WDS wants access to the data, they need to farm in (i.e. become a JV partner).

Hence the 'delay', as perhaps NAMCOR are refusing to grant WDS the ability to utilise the 3D data until they officially farm in, at which point, as Iain noted in the Q&A, this all goes away. imo, if the case, fair enough for NAMCOR to do this, as why should a non-JV partner have access and utilise 3D data (despite paying for it)?

Ultimately, for us PCL SHs, nothing has changed. That is, WDS will farm in and drill, a decision for which I believe will be forthcoming as analysis is completed. It has just presented NAMCOR, again as Iain noted, with the "unique situation" of a non-JV partner having access and wanting to utilise 3D data prior to farming in. Perhaps NAMCOR digging in is not such a bad thing - might give WDS a prod to farm in.

aimo of course.