Thanks 1trader. Good find. I'd add these excerpts from Malcy blog as well.
Pancontinental, together with the Joint Venture partners, is continuing to mature and refinea growing inventory on PEL 87.
Accordingly it has become clear, even to me, that Woodside are simply not in a position to fund their share of the development on their own. This is particularly as they have been increasingly focusing on the LNG and gas development side of the business, these tend to carry IRR and payback targets of 15%+ and 5 years, the latter being hard to fit here. Accordingly they were unlikely to be able to stay with PEL 87 given the required commitment, a decision that I hear went right to the top…
The other thing that is becoming obvious is that Pancontinental has been developing ‘some fatigue’ on what has become a somewhat protracted process. Given that in recent months there has been a lot of activity, a great deal of progress in the basin and independent work which has resulted in a world class asset in both size and quality.
OldGeo
PCL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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