Time will tell. I’d suspect there will be some significant political pressure to adhere to the license timeframe (for once)- ie schedule a drill before 22jan2026 (I’m not sure if the commitment is an actual drill, or to schedule a drill, by this date). But again, nobody really knows.
Recent Galp investor call indicated ‘late March’ before we find out much further detail on mopane3x . There seems to be quite a lot of secrecy to some of these drill results (which confuses me a little ). Wds is taking their time, because they can (as frustrating as it is for all the cling-on partners) - this is the reality of the situation. Business all comes down to relationships at the end of the Day - as Iians done this before with wds im confident. I’m also emboldened by the long term relationships PCL has developed in the region. Risk is still extraordinarily high, but we’ll get a drill (whether it’s from wds or other is another story).
sp wise, derisking appears to be getting done in the 0.015- 0.021 range- over the last 12 months. As soon as we have confirmation we’ve got the tick to continue our journey (farm in confirmed), then I’d expect sp positioning for the next stage of the journey will be entertaining. Until then However, if you watch the order book carefully on the day to day, there is some heavy handed broker strategies being employed (not good for the mental health if you’ve got heavy exposure lol). As always patience. (But also ‘know when to hold em, know when to fold em’
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