"As announced by the Company on 19 January 2024, the long stop date by which Woodside Energy
must exercise its option to farmin to PEL 87 (by committing to drill an exploration well) will be 180 days
from fulfilment of both (a) the seismic processing contractor providing final processing deliverables, and
(b) the PEL 87 Joint Venture providing to Woodside a license (Seismic License) to utilise the PEL 87
3D seismic data (subject to authorisation by the Ministry of Mines & Energy, MME). Condition (a) has
now been met, with final deliverables having been received mid-April 2024. Pancontinental is working
to finalise joint venture and MME approvals to the Seismic License so that condition (b) will be met and
the long stop date thereby established. The Company will provide an announcement once this has
occurred."
A bit of boat rocking at eofy time is standard. woodside hasn't received approval for the seismic licence yet, so why would they start releasing updates regarding pel87. I think its a good sign that WDS dont want any 3d data released (at least until their long stop date is established). order of operations is important.
PCL Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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