Well, that was a shock to lose WDS - obviously. How much of a hit the SP takes all depends on what "Pancontinental is seeking the trading halt pending announcements in relation to the option deed and prospectivity on its PEL 87 project;" actually means. The wording is unnecessarily obscure and hopefully it means that we will finally get some updated resource estimates from the 3D and more information on the formations etc. Overall, I believe this will be a positive for PCL, but we are looking at some short-term pain. PCL should be able to negotiate a much better JV deal this time, including free carry on at least the first two drills. There certainly has been a lot of interest from supermajors in the general area who are capable of moving very quickly, especially since we have 3D done and about 18 months of analysis of the data behind us. I wonder if PCL will also get the analysis that WDS has done. I doubt it. It would be interesting to see the differences in the two. PCL please, please give us updated resource estimates - please.
PCL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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