General Thoughts, page-7262

It may be to do with Woodside not wanting to be lead but at the same time having a percentage of PEL87 in mind, like say 20%

In this case there would be a number of permuatations but one could look like this:

WDS acquire 4% of Custos taking them from 56% to 60% of PEL87

Custos would defintely entertain this just as they are in PEL83, what a story that is shaping up to be.

Then WDS farm out 40% to a new lead like say Shell for example.

I say Shell only because they hold $40B USD cash on their balance sheet and despite their dissapointment in PEL39 we know they want to stay in the OB.

Leaving WDS with 20% who have sufficient cash to get through their share of a 10 hole drilling programe.

WDS in turn are still obligated to free carry PCL at 20% NAMCOR at 10% and Custos at now 6%

This would explain the note in WDS Q3 "at least 56%"

I have confidence in the PCL BOD that they would not sell down until at least the first drill has completed its work, as they would see that as a huge betrayal to their loyal T20.

I also have confidence in the PCL T10 Shareholders that they would not vote for anything like this until the drill has done its talking.

'The Fish' (T10) did not make a fortune for his syndicate by taking the low road, he knows how this works.

Like I keep saying I believe we are right where we need to be, right now.