Maybe WDS don't want to be in bed with us and Smithy's view is an unofficial clue to looking at a suitor for PCL?
I'd like a positive drill campaign first before looking at anything like that.
From Jibby's link
Overall, he said recent successes at the Mopane-2A and Mopane-1A appraisal wells reduce the uncertainty associated with developing the discovery, which “is important for Galp’s ongoing farm-out process.”
Galp failed to get a sale on the 40% they had up. Confirmation to me is offers were below what they thought it was worth so decided to drill and prove up resource, yes incoming buyer is paying more but risk has been reduced with positive drill results.
If WDS are thinking the same in seeking a partner, they would need to do the same to add value.
Makes sense to me for WDS to drill, then try and get PCL bought out by another player, then sell off a portion of their 56% to that same player.
PCL Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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