Ian said days/ weeks about 2 weeks ago for license approval and quarterly due in 2 weeks. would rather be in than out when ann drops noting that our story has not changed.
Woodside can excesise option but cannot use 3D until seismic license
Extract from last quarterly....
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.
PCL Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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