They did the right thing.
Shareholders have been demanding further exploration, which management risk mitigated through the JV and the P1 & P2 contingency wells.
We still have P1 to go, which has demonstrated good flows.
No doubt disappointing to all, but that's the risk of exploration. The fact management has executed this without a capital raise, or going it alone, shows their risk based approach to limit the downside risks for shareholders.
Ann: NZO: PALM VALLEY-12 WEEKLY UPDATE August 22nd, page-9
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