The amount of forward planning going on in Woodside over the last year (and that will continue this year) would have been very significant.
Woodside know what they are sitting on and they want to do this right and not rush things, as some here seem to be wanting them to do.
When BHP discovered oil in the Bass Strait in '65 it had to partner with Esso (a partnership that continues to this day) to bring it to production, partly because it was their 1st foray into O&G and partly because of the size of the discovery and partly because of the costs involved to bring it into production.
Fast forward to today and 4 Billion barrels of oil and 8 tcf of gas later, with 23 platforms in the strait, history shows us they took the right approach.
PEL87 could hold the biggest oil discovery for a very long time and there is little doubt that Woodside will want a supermajor to help carry the risk and cost
Could we be looking at a scenario where Woodside take the gas and say Cheveron take the oil ?
Time will tell but its clear this stock is not for the impatient as this will take time for the full value of PCL to be revealed.
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