One thing we need to stop worriyng about over and over, for our...

One thing we need to stop worriyng about over and over, for our sanity : this idea that majors are waiting like vultures for the Jan26 deadline to take place so that they can pick up the good stuff for free, with the sp dropping by 0.001 cent each month until then like a doomsday clock.

1> the kick-the-can option : "PEL 87 was awarded to a joint venture led by Pancontinental in early 2018 for up to 3 terms over 8 years (plus subsequent extensions) and may be converted to a Production Licence under pre-agreed terms. PEL 87 is presently within the first renewal exploration period that commenced on 23 January 2024 and will end 22 January 2026. This period includes an associated work commitment to drill one exploration well or, if a drillable prospect is not identified, acquire either 500 km2 of 3D seismic data or 1,000 line kms of 2D seismic data."
The extra 3D-2D does not look like a crazy committment if it allows us to extend (if that's what it really says - we can only interpret without the contract). The cash outflow will be a fraction of the WDS 35m. PCL, maybe with Sintana, should be able to work this one out on its own if needed. Also, a potential partner can make use of this option to schedule properly its drilling campaign.

2> this is a competitive world... if the assets are really world class (emphasis on "if"), there will be more than one bidder. Playing games and waiting makes no sense if there are several other guys that can snap it from you. Dealing with PCL ensures you get the trade, instead of a random bidding process that may or may not occur in the future.

3> just my own opinion so make of it what you want - but the vulture strategy looks highly unlikely to me. E&P is as cuttroath as it gets but there is a certain etiquette - I don't see any major contemplating this as a valid strategy, especially for the pocket change money involved.