Tough question, and this is precisely what 'makes a market'....

Tough question, and this is precisely what 'makes a market'. Lots of variables, but to analyse an exploration company like Pancon is somewhat of a fools errand, as its purely speculative - just about everything aspect is outside of the companies immediate control (WDS, Geology, broader economy, oil price, etc, etc). Size of the prize (based on 3D analysis) would suggest it's significant (maybe not HUGE, but signficant). One of the best quotes I read about sharemarket psychology years ago was "everyday you hold, you choose to buy the company again". Unlike Woolworths, this could go to zero (so you need to consider that - especially if habitually you're a 'live by the sword, die by the sword' type person (like me..for good or for bad).

Nobody knows what the outcome will be here - but given TotalEnergies is moving towards FID (BIG money), Galp seems to be heading in the same direction (big money), BWenergy moving towards FID (Kudu gas); there is certainly interest/investment in the region. The WDS situtation feels like a poorly communciated relationship, both parties hang around for too long, and were not particularly committed in the first place - a bit like a 'breakup over text message' lol. At least we didn't lure each other on right up until the stop-date (which is a positive). I'm confident we'll get a drill, whether we hit anything is another story (but that is always the way in deepwater offshore frontier exploration). That's my afternoon ramblings on it anyway.