I think it is as simple as if WDS are JV partners (exercise their option) and want to share 3D data with a third party they need the permission of the other JV partners. If WDS have the seismic license then I assume they can share the data as they like, without needing the permission of the other JV partners. They can do this before or after exercising their option. This lets WDS look for partners to share the exploration costs. This makes sense to me if they want to reduce their exposure / risk, especially if they have identified multiple targets, as Iain Smith said in talk, and they want to pursue a larger exploration program. All depends on the terms of the JV.
Whatever the reason, the PCL shareholders are well overdue an explanation. Reporting requirements should override any NDA terms in any agreement. If there is no end date / termination clause in the option agreement then we should also be told this and some people at the top should be dismissed. If there is an out clause for PCL then what is it, and why have us, the shareholders not been informed ?
PCL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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