"Whilst Pancontinental envisaged that receipt of the final PSDM data would establish the long stop date for Woodside to exercise its option to farmin to PEL 87 by committing to drill an exploration well, a remaining processing deliverable will be received in approximately two months’ time. The long stop date will be 180 days from fulfilment of both (a) CGG providing to Pancontinental this final remaining deliverable, and (b) Pancontinental providing to Woodside a license to the PEL 87 3D seismic data (authorised by joint venture partners and the MME, as required)."
Condition (b) I cannot imagine would be overly challenging, therefore it is the provision of the final remaining deliverable that has delayed things. My expectation is that these have been (or in the coming days will be) satisfied, hence my prediction of an ann and arrangement of the investor webinar. If not satisfied, why bother with an investor webinar now instead of waiting a couple more weeks for the remaining deliverable?
On the non-disclosure with WDS, I cannot find this formally mentioned anywhere, other than Iain stating WDS's request not to make any disclosure until we have received the final data. If there is indeed a formal non-disclosure, then obviously that needs to be honoured. In any event, hopefully the final deliverable has been received and the marketing of this can properly ramp up.
PCL Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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