The original agreement was to complete a survey of at least 5,000 sq km at a cost of US$35m, plus paying PCL US$1.5m. The final survey area was 6,593 sq km or an increase of around 32% on what was WDS's obligation.
If I made that commitment and found very little to be enthusiastic about in the first 5,000 sq km, would I throw even more money at it? Plus with what Sintana have published recently, I'm rather confident that WDS found plenty to like in the first 5,000 sq km.
PCL Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
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