Hi Phx,
Understand your frustration. We are all in the same boat.
I remember when Woodside entered the option and Namibia did not have the prestige in O&G as it does today.
I also remember the clock was ticking and permit life running low to find an major and shoot a seismic.
At the time, the co made a call to drop Pel37(in the walvis basin) as there simply wasnt enough funding to sustain both permits. Times seemed dire for this minnow.
As far as i am aware, Woodside was the only major who offered to undertake 3D at the time, so our choice of JV wasnt a case of choosing the wrong major.
There is also the argument that, had PCL pushed back on terms, WDS may have walked away and there is a chance that we would not be here and Pel87 forfeited due to lack of funding.
Lots of valid arguments for a SH on the sloppy deal entered into but big fish like WDS are well funded to maximise on contract terms whilst PCL are not.
On the positive , we have our 3D, leads whilst estimates and a drill or 2 on the horizon.
Our neighbor also made a discovery of 14 billion barrels while we have griped about delays.
To conclude, if Woodside forfeit option on or by 18th May, we keep 3D and find a new operator.
In any case, the likelyhood for a drill in the next 6-12 months is somewhat inevitable and the upside potential of multiples of current sp.
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