My theory on excessive delays: Woodside has been working hard to stay afloat with Australian laws seemingly trying to run them out of business. Fun fact: Alexia claims that Woodside has paid 2.7 bill in tax and royalties to the Aussie government. (Unsure over what term) A friend mentioned sometime ago that csr suffered a similar fate before it was ripped to shreds by several co's incl rio tinto Whilst awaiting farmin news, we have seen Woodside undergo metamorphisis with several sizable international purchases and primary focus on generating cashflow with the bulk of their surplus. Saturn prospects looking very enouraging but value looks to be over multiple (at least 4) drill bits and expense upward of 400 mill. Could not find info on Woodsides cash position in quarterly but last Q, i seem to remember it being around the 750 mill and recently, a deal to issue bonds at a serious roi which is to come out of Woodsides pocket, in order to purchase an asset in the US. Yet another deal with Chevron who were talking not long ago about buying them out. Perhaps the cause for seismic push, in order to bring in a cashed partner to throw around a few hundred mill.( most here have already pre empted as much) Or buying time to revisit cash position whilst new assets begin generating returns, so go avoid the option of a partner In any case, WDs share price says it all as it range trades around 3 yr low whether its 4 or 40 bill potential resource, Woodside holds exclusive rights until May 18 and now has the required docs to publicly put its option on the market to the likes of e.g Shell, petrobas, total, Qatar etc and could land a sweet deal potentially recovering the 35 mill and maybe even making a little coin (which i believe they would have done by now, if they didnt see potential) Yet they are still in the deal and have until the end of this year to stick a drillbit into Pel87 I am not financially qualified but in the view that it couldnt be a better time for entry or topup with 102 days left on the clock at most and pcl consistently encouraging that we have huge oil potential and recently used the term that we are 'substantially desrisked'
PCL Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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