Very good news that GALP has hit a “significant column of oil” in its Mopane-1X well in the permit directly to the south of PCL’s permit, offshore Namibia - boding well and extending the extent of the prospectivity to the north of the Orange Basin given to date the major discoveries by Total and Shell at Venus and Graff were in the south.
Upcoming milestones/catalysts for PCL in 2024: Final 3D seismic data interpretation/drilling candidate identification Potential Woodside farm-in Potential drilling
PCL has a current market cap of ~$150m. Before drilling results FAR/IVZ reached market caps of ~$350m that were drilling large prospects in Africa. I’d argue the postcode PCL is in is significantly better given the recent supergiant discoveries nearby in the exploration hotspot.
PCL Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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