My first post on this stock here -- I have a meaningfully large...

My first post on this stock here --

I have a meaningfully large position and have also been an anchor investor in Sintana for almost 2 years now (and now sitting at a very handsome 8x).

Pancon is a binary stock here for the right reason -- there is no 3rd party validation yet on Pancon's thesis other than the fact that WDS choose to spend $35-50 mn on gathering the 3D seismic and their Houston office analyzing it.

But once Woodside does farm-in (and I think it will) then the risk /reward over the short term is absolutely fantastic -- simply on the farm-in new and the build up to the 1st well in 2025 -- this stock will 3x from here -- its hard not to see why not -- a mix of validation and a mix of herd momentum ahead of the drill results. But all that is still far out -- so with the current uncertainty the stock is where it probably should be.

Mopane didnt even show up in the 2D seismic for Galp -- and it absolutely lit up in the 3D. So its quiet possible that the 3D seismic of PEL 87 could be much better than what the 2D suggests. But all that is really needed is to confirm that the sands exist in those depth and in the level of thickness that is being suggested by the 2D, and if there is a deposition system confirmed with the seismic -- its an absolute no brainer for WDS to drill at least one well. Imagine walking away from a block not far away from some of the most incredible discoveries of the past 2 decades only to be proven wrong in the future -- is it worth it vs spending another $100 mn to take that exploration risk? Absolutely not -- hence I think WDS will farm in and drill a well.