No, but it would be risky (but cheaper) for WDS to TRY to take...

No, but it would be risky (but cheaper) for WDS to TRY to take over PCL prior to the first drill because its not derisked, but of course more expensive to do a takeover post discovery but this is assuming that WDS wants PCLs 20% of PEL87 and that is what RikDisnek is suggesting. It would make more sense for WDS to be in partnership with a supermajor to the south of PEL87 especially because it would give them access to very informative data and expertise and money! Regardless, good luck getting the major PCL shareholders to submit to a takeover for less than what they perceive as true market value post discovery. There was a post a wee while back about some of the top shareholders and I am 100% sure they are watching like hawks and chatting like budgies and would be working together to make sure they don't get short changed. It is more likely that a takeover will occur post discovery (probably post drill stem test) when the big unknowns have been de-risked. How many shares would you need to acquire to be in a position to force a takeover? Out of the 9Billion undiluted shares (including options) 10% would be 900 million shares and given current volumes it would be very noticeable in the daily traded volume. In other words i think its really unlikely WDS are cooking up machiavellian plots in dark rooms to get PCLs 20% of PEL87 for dirt cheap!