Farm out or Take over?

What could be expected?

Well, I think, I hope we will see a farm out first. The winning major is there to get a dominating share and to take over the operatorship. So the major is there to get 50% plus/ minus x%. Often Total, Shell bought the dominating share first and passed a part of this share to a financially strong but passive and reliable partner as Qatar Energy (see done deals in South Africa, Namibia)

Pcl could hand over this share of the Saturn concession to the major and could get a free carry. A free carry for more seismic, for one, two, three exploration and appraisal wells? Plus hopefully a signature bonus for PCL, a few million $ to keep the company running (and we won't need no new shares, dilution of Pcl)

if a new oil and gas Saturn monster reservoir is discovered, another big oil company, that does not like exploration risks could take over Pcl or the joint venture partners take over Pcl because they like what they see so much.

This would be my favorite option and future scenario and Pcl dream.

The Pcl management, employees are G&G people, and they are old men and I expect they want to monetize their 20 years old dream finaly. I speculate they are not interested to create an oil company, as long as there are no grandkids with a strong vision.

OG: I have seen it as you described it. I think Pcl is in a very strong bargain position and that even the result of a sealed bit process is not the last word. I think the mayors like Exxon, Shell, Total, Chevron dream in the meantime that Namibia becomes a second Guyana where Exxon plans to produce 1 million bbl per day soon.