the faux "farm in" happened before Iain came on board. He is just inheriting the parties intentions when the agreement was struck.
Now whether PCL were dumb schmucks and entered into an agreement that had no clear timelines or whether PCL knew it was wds intention all along to stretch it out, and signed because they wanted to get someone on board asap, we dont know. When i saw wds were spending 36M and the farmin was contingent on a license agreement, i smelt 10 day old fish.
Im still of the opinion that WDS is squeezing as much time value as they can out of this cheap call option. Whether it is to gain the benefit of neighbours data, or whether they are doing it for some other commercial advantage remains to be seen.
On another note, so far, it seems everyone else has got eye fillets, but shell has picked up the sinew and gristle...
PCL Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
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