Yep that's what I said above, they need the extension and it's probably going to be announced in the next few weeks.
My personal theory is that a big player already in the area may look at this field to increase the life expectancy of exisiting assets currently sucking gas out from next door.
Woodside merged with BHP who has the Kipper fields - Woodside shelled out roughly $50M to fund PCL's exploration so it would make sense that they could do something much closer to home that will bring more value to their existing assets. Just a theory though but I can tell you now that everyone was laughing when I bought PCL at $0.001 and in a similar situation in regards to extending their licence and telling me they had no money etc were in the end, VERY WRONG lol
The biggest gains are had from companies that are in the gutter but have something worthwhile on their hands.
As Warren Buffet quoted, be greedy when others are fearful and fearful when others are greedy
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