May or may not be June, who knows. Reasonable to say, however, that there is plenty of activity and where there's smoke...
I think the Petrobras article is a reminder that there is a genuine battle between the super majors for this Orange Basin prime real estate (or what's left of it). Chambriard is perhaps ticked off imo and the comment may even be in breach of a NDA, not that Pouyanne would probably care, for he who holds Mopane laughs last.
The super majors would be keen to lock in the last available PELs east of the outer high, given that the best drill results have occurred there and the water depth is much less (therefore lower costs) - Venus is at approximately 3,000m, whereas Mopane is 1200-1900m, Capricornus is 1200m and Saturn ranges from 1000-2000m. Our high-quality 3D is complete and we have commenced the Environmental Impact Assessment process for exploration drilling approvals - wouldn't be occurring for the fun of it.
The institutions have also been on the move, with Morgan Stanley accumulating Sintana and PCL recently (see Drswing's broker data), while UBS upgrades Galp from 'Neutral' to 'Buy' and raises the target price by a third earlier this week - just prior to the Total news. Not sure of the disclosure rules for Galp and Total on their respective exchanges, but share holders would surely be calling for clarification at least.
Plenty happening behind the scenes and news can drop at any stage, as we saw yesterday. Sintana up 25% overnight. Looking forward to Monday and the period ahead. Glta.
PCL Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
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Not sure of the disclosure rules for Galp and Total on their respective exchanges, but share holders would surely be calling for clarification at least.
(20min delay)