"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." I fully agree that at some stage an offer will come for PCL. The main thing is that with one or two plus successful wells the MC will not be anywhere near the current $150Mill. 20% of a major oilfield is worth a shitload more than 150Mill. There is incredible upside here which is why everyone is holding on IMO. I believe it will be many multiples of the current MC on just one successful well. Of course, we have to hit oil first - there is always risk. I have never been worried about WDS. I have always been certain they will exercise their option. Madness if they don't. However, they will work according to their timetable, not PCL's, which doesn't always suit PCL shareholders. WDS's timetable certainly hasn't made PCL shareholders very happy so far I believe the PCL BOD should take a large part of the responsibility for that due to the very poor, or even negligent, option agreement they signed.
PCL Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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- there is always risk.
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