The leverage is gone. WDS didn't just give PCL a cupl of million cash and 35 million of 3D to just walk away because they were scared. They didn't like something in the data room, something bad enough to throw away a 40 million dollar investment.
If the 3D added up no major is walking away from 13 Billion barrels. You can try talk yourselves around it but it's just the reality ... isn't it ?
I still feel there is a slight chance of another major taking a punt but the leverage is now well and truly gone and the terms will most probably be a lot less favourable.
PCL Price at posting:
0.8¢ Sentiment: None Disclosure: Held
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