The future for PCL certainly feels more positive after the AGM on the prospectivity and the Woodside farmin front as posted by posters at the AGM.
I personally feel fwiw, that if there is a significant discovery on the first well that PCL can raise the funds for their share of the second well- say $20-30 million with re-rated share price to maintain their 20% interest.
But I would not be surprised if a bid is made for PCL after the first successful well and certainly after a second successful well, if PCL is still around for the second well.
And with the Woodside farmin agreement, I would not be surprised if Woodside had pre-emptive rights on any bid for the PCL interest in PEL 87 by takeover or consent to change of beneficial ownership. But I have no knowledge if a pre-emptive right exists for the farmin.
I always maintain that if any company gets taken over for a fair value, then this is the ultimate expression of selling all your production forward without the risk.
Risk in every thing, especially wildcat exploration drilling.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)