Come on Woodside (from the beginning I was not happy that Woodside became the partner of PCL)
Come on PCL
Current situation:
The participants in the PEL 87 Joint Venture are as follows: Pancontinental Orange Pty Ltd (Operator) 75% Custos Investments (Pty) Ltd 15% National Petroleum Corporation of Namibia (NAMCOR) 10% 1: Woodside has an exclusive option over a 56% Participating Interest to be derived from Pancontinental’s 75%.
Mr Knowledge Katti (Custos/Sintana) is too well connected and more clever than PCL and Woodside. He will keep his 15% or get a good price for this share or a part of this share. NAMCO will get 30%. Give Woodside 10-15% Give 40-45% to a real oil company, a major like Exxon, Chevron, Shell or Total. (with option to get shares from Mr. Katti as well)
And PCL is sold to the major.
My impression: The PCL-Woodside management teams trapped themself in a bad position. But I hope that PCL is in a stronger position than Woodside.
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(20min delay)