We know that the ann will be "in relation to the Seismic Licence to Woodside". Reasonable to assume that this involves the PEL 87 JV officially providing to Woodside a license (Seismic License) to hold ongoing rights to the PEL 87 3D seismic data that it acquired. This will trigger the 180-day long stop date, but this aspect is mostly irrelevant imo, as WDS are expected to farm in well before that time.
The other aspect of note imo was one of the reasons for the trading halt, being "managing its disclosure obligations". This could be interpreted as the disclosure of some further information as to what the 3D data analysis shows, subject to agreements or negotiations.
In any event, imo, I think we need to perhaps taper expectations. That is, a farm-in being ann on Friday is extremely unlikely imo. Rather, we will have the official provision of the Seismic Licence to WDS, which in itself is a significant hurdle cleared. As some here have indicated, WDS wouldn't have bothered to come this far if they didn't like what they saw. This further de-risks PEL 87, significantly imo. Happy Friday.
PCL Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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