"My intel is that they do not believe that a minnow can go all...

"My intel is that they do not believe that a minnow can go all the way into production ..."

The $$ to develop into production are massive.
Also, takes a reasonably long time, especially being offshore.
The only chance for PCL, IMO, is for the first drill result to be very, very good.
This will allow PCL to fund 20% of a second well - capital raising much easier after a rerating and strong, positive news.

Otherwise, PCL, can drop back to 10% and WDS fund second well.
Certainly, not my preference, but will depend on first drill results.

The other option of simply converting to a 1.5% gross overriding revenue royalty, on the face of it, doesn't seem too bad.
Let someone else do all the work and eventually PCL shareholders have a wonderful no cost, no work, dividend stream while we jet around the world.
LOL
It would be good to have details on what "gross overriding revenue royalty" means and how it is calculated.
Yes, I know what the words mean, but the agreement will have a definition and be very specific in its meaning and calculation.

always hoping