General Thoughts, page-8354

I cant help but think that the WDS deal was the one last great hope for these poor old buggers.

Stubbornness comes with age & although they had every right to want the best possible deal for themselves & their families the fact remains that they were merely lease holders who couldn't get much of anything done.

These lads could not even communicate via a Third Party to shareholders which would have only taken the smallest portion of time, could you imagine them brokering a deal for a potentially multi billion dollar asset with a ruthless powerhouse. Not really.

They were to stubborn to even feel like they had to communicate with shareholders let alone a major who they probably never really wanted to let have the upper hand.

Would have been an absolute arm wrestle.

I don't believe for a second Woodside would just walk away from this after spending 35 Million because of "wokeness" or having "too many projects on" or "not a big enough budget" etc etc. Thats rubbish, if you see barrels you make budget !!
The deal either fell apart over a lack of communication & negotiation or their data analysts felt the ground wasn't worth exploration period. WDS would have some of the best Oil & Gas geologists and analysts in the world that had access to a data room with almost 50 million dollars worth of 2d & 3D imaging FOR OVER A YEAR. Trust me the looked DEEPLY into every last inch of it. The narrative that they just couldn't be bothered because of this or that is complete nonsense.

This now becomes a flip of the coin. One side PCL goes bust within 1-2 years after a long hard fight to retain the lease & or until the bank runs dry.

The other side is that another major comes in and has more control over them than Woodside ever did.

Time will tell if they can put their stubbornness a side, learn from this, & concede & accept the next lot of probably unfavourable terms presented to them & make side 2 work.

If they don't its lights out unfortunately & one of the proven majors will be handed the licence on market at hands of the Namibian government.

And lets face it, thats in the best interests of Namibia & everyone involved.

Feel for the lads, a long time in the game & finally had what looked to be - one of the golden tickets .... but not everyone gets the own the chocolate factory.