Nothing new on Euroz Research Drswing. Last update there was on 22/11, although there might be another next week following release of our quarterly.
Shell and Chevron may have missed / written down some wells, but there is a big difference between writing down and exiting. For example, from the Upstream article on Shell...
“This is an accounting process and does not represent ongoing efforts in PEL 39, where we see potential additional opportunities beyond the wells we have drilled and are writing off,” said the spokesperson, adding that “the extensive data collected shows that there remain opportunities.” In an emailed statement, Shell said it has drilled six exploration and three appraisal wells across PEL 39, “more than in any other exploration block in Namibia,” stressing that it continues “to explore potential commercial pathways to development, while actively looking for further exploration opportunities in Namibia.”
Chevron are in a similar boat with PEL 90, but might be swallowing Galp shortly before returning to PEL 90 in time. If there is any 'fear in the basin', it's unwarranted imo, especially from where we're sitting.
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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