True true! Logging While Drilling will determine which horizons...

True true!

Logging While Drilling will determine which horizons are considered prospective and these will be subject to a comprehensive logging suite.

The well will not be flow tested and will be plugged and abandoned as per standard exploration practice.

In the event of discovery, subsequent wells will undertake flow testing; however, rock properties and flow potential will be indicated on the logs from the upcoming well.

There is substantial follow-up potential to Mbawa, as well as other play types, so any indications of hydrocarbons would likely result in additional drilling on the permit. PCL is also free-carried (capped at $6m) in a second optional well that would reduce its percentage stake in the permit from 15% to 10%.
And Then?
In addition to the followup potential at L8, PCL has a 15% interest in blocks L10A and L10B, where operator, BG, is aggressively moving towards possible drilling in H1 2013.

PCL has a 40% interest in Block L6, adjacent to L8 and with the same source kitchen. Maybe where the missing oil could be!! 3D seismic was recently acquired over the most promising prospects and we expect further news on potential towards the end of the year, ahead of farm-out in H1 2013. Good time to stock up on FAR and PCL

PCL also has an 85% working interest in a large permit offshore Namibia, in the Walvis Basin. Drilling is scheduled in nearby permits for mid 2013. It is likely that a farm-out will occur over the next few months.

Huge Upside – Still to come but i would say tomorrow will be a good day to top up.