I think you are correct Jibby.Vesna is an accountant and would...

I think you are correct Jibby.

Vesna is an accountant and would be thinking through CGT implications and trying to minimise / spread her tax liability where she can.

Converting options by cancelling enough to cover the conversion seems to be normal practice for small companies.

Also agree Jibby that it is highly probable that the JV partners will be conducting a 2 drill program, to kick things off with as a prelude to an extensive drilling program (>10?) to determine how big this monster actually is.

Its difficult to see PCL being unable to fund their financial obligations for the second drill through a CR, even if the 1st drill is disappointing, given the prime estate PEL87 occupies.

I wouldn't expect that CR to have any significant impact on the PCL SOI.

Are other options available to PCL to fund their 2nd drill obligations that dont involve a CR ?

Possibly.

I believe the board has been replaced at NAMCOR due to some irregularities and I would imagine the new board starting 1 July are under no illusions of what they can and cannot do, within the grey zone.

Could this be the hold up with the seismic sharing license ?

If so then we should see some news on this perhaps sometime in July, as I am sure that MME has made it very clear what they expect.

The big unknown is if Woodside have already done the work in regards to a rig and also the required lead items and personnel to get the 1st drill spinning this year or not.

The Bollsta still looks mighty suspicious sitting there in Walvis Bay at the end of June with no contract announced.

However, it seems the consensus is the drill program will occur next year. Fair enough.

But what are the clues to help assess the timing of the drill program ?

Pre-positioning key Woodside staff would be one clue I would have thought?

I am inclined to give Woodside the benefit of the doubt and think that there is a chance that the program starts this year, but what do I know?

Is the recent sell off to do with EOFY of which there is now only 5 trading days left, as Australia does not celebrate Matariki with a public holiday on the 26th, and yes thats a poke at the kiwis

For many of us this has been a very long wait to get to this point and there is no doubt we are on the cusp of a very interesting period of events.

Once the seismic sharing license is approved and Woodside announce their farm-in and drill program timings then there is a set sequence of events that will occur ending with a binary result.

Oil or no oil.

If oil, how much?