This development is a big surprise, because recently Total celebrated the world class Brulpadda and Luiperd gas / gas condensate discoveries including the very promising prospects of the Kloofpadda fairway in the South African offshore block 11B/12B.
After the news the share price of Africa Energy (AFE) crashed. AFE is a partner of PCL in Namibias`s block 37. From the financial report of AFE:
...Limited (South Africa), Africa Energy Namibia Corp. (Canada), 1153123 B.C. Ltd. (Canada), Pancontinental Namibia Pty Ltd. (Australia, 33.3% owned), and Main Street 1549 (pty) Ltd. (South Africa, 49% owned). All of the Company’s subsidiaries are engaged in oil and gas exploration activities....
Do you think the weakness of AFE is a risk for PCL or a chance for PCL to overtake a bigger part of block 37 in Namibia?
PCL Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
(20min delay)