I can only go back 10 years max for this info. 2014 Annual Report shows that PCL had 1 billion shares on issue at this time.
So much less shares on issue sent PCL stock to 22c in the lead up to drill and drilling in 2011 or whenever it was. But I'm guessing from my fading memory that the oil target then was no where near as big as what it's going to be at Saturn in Namibia when we drill this time. 100's of millions of barrels back then compared to multiple billions of barrels now. Regardless, the stock is going to run higher in the lead up to spud. To what exact price, is anyone's guess.
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