as we all know 3.5 c is chicken feed for this - but good point....

as we all know 3.5 c is chicken feed for this - but good point. anyone buying now should know that north of 3.5c is likely to be a floor.

let me paint a hypothetical scenario for you, where the prospective oil numbers will take a second seat.

1. once they've done their fancy footwork, wds decides to farm in.
2. and simultaneously flip this to...friendly competitors.
3. in doing so, they structure a deal which puts a price on the permit....whatever price they and their friends want/feel like.
4. such a number unfortunately will automatically provide a "basis" for valuing pcl (and sintanas) share.

such a transaction if it occurs, for me, is validation of the high desirability of this permit.

We're free carried for 1 well and can give up another 10% for a second well, and in for a penny in for a pound, we want to play that game, using someone else's chips - thats why we've been hanging on. Most of us here however are happy to go with the risk.

The cost of each well will be north of 100M. So it's unlikely anyone operating this will want to piss 200m up against a wall and drill duds.

It will be telling to see what sintana do. although they are in a different position to us as they have fingers in many permits. They may be happy to take cash so they can pay for their share in the other stuff without suffering too much dilution.