I would suggest that Woodside had zero interest in ever drilling a well in offshore Namibia.
That they were actively trying to bring in a larger partner (Exxon, Chevron, Shell etc) to pay for the drilling.
And they were quite advanced in these discussions.
That would have reduced their own interest down from 56% to a figure that they could not stomach (after forking out $35m on seismic)
That they tried to change the deal with PCL to get a bigger share (reducing PCL to 10% is my guess)
They probably also tried this with Sintana/Custos.
That they thought PCL would fold given the time constraint (Jan '26) on drilling.
Which Woodside would call negotiating.
Some would call bullying.
I will call extorting.
And PCL simply told them to get f.....
So Woodside, you weak pathetic, B grade oil company, you have just made a critical error.
A supermajor will jump at this opportunity.
It will take time however as these big O&G's move slow but I'm sure this is the talk of the town and everyone will be scrambling to get involved.
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