Management was questioned at length about the Seismic licence for WDS. What I gained from the discussion was that when the contract was written it wasn't envisaged that getting the licence would be a problem. Turned out that because WDS was not part of the joint venture it became an issue of sovereignty together with the inundation of applications for permits and workload that the small government department had to deal with. There was recognition that the visit to Namibia a couple of weeks ago may have gone a long way to getting the approval. WDS is serious about Namibia and is regularly sending teams there. None of the administration were prepared to nominate volumetrics .... despite Iain being asked if he was as bullish with the potential as Barry .... he shuffled a bit and stammered and then was non committal. I read his body language as wanting to be more enthusiastic than etiquette would allow. The bloke employed to analyse the 3D Seismic on out behalf was askedaf questions but wouldn't elaborate until final results were prepared. . Again his demenior was positive and reiterated that the 3D was backing up the 2D and identifying additional prospective areas. Ernie was asked if they were in good financial shape and he said that they had 9 quarters of funding in place and so there wasn't any thought of capital raising for at least the next 12 months or so.
I'll do some more soon.
PCL Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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