General Thoughts, page-9385

Jibby,
One of the benefits of the inversion is that it may help a farmee select a drilling location with more confidence. From what shareholders have seen in public releases and the scale of the maps, not clear where one would want to locate the first well on Saturn - there are so many geobodies that overlap and onlap eachother.- quite complex unless its a simple "tank"' reservoir.
Its the farmee's money to spend drilling $ as they see fit - drill where they see the lowest risk, with joint venture agreement. The results of the inversion may have little meaning for most shareholders who may be underwhelmed as Pancon will probably only release inversion highlights. Uncertain what impact the inversion may have on prospective resource volumes. PCL imperative is to secure a farmout.!
With the Galp offers apparently still open til the end of June by some reports, a PEL87 farmout is more likely midterm rather than sooner. Getting a partial cash deal under a farmout therefore has greater importance.
Farmees always have oil price at the back of their mind and with today's Middle East developments, one may see the recent general drift in oil prices reversing. With all the recent troubles in the Middle East, one would have expected higher oil prices (based on history over past decades) but I personally suspect that Russia has been heavily discounting oil prices to India and China since the Ukraine special military operation (sic), thereby taking pressure off the main Middle East sources.
Interesting times.
Patience is a virtue!!
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