Thanks for sharing this - a good listen. 13:50 - 16:30 specifically regarding Pancon. I'd keep in mind that WoodMac are a data-led consulting firm, so they to are trying to make sense of everything (similar to us), but they also need to be seen / perceived as an Authority in the space (so even if they don't know, they'll act like they do know - like all big consultancies).
In saying all that, super interesting all the datapoints they make throughout the entire presentation. Specifically related to the thoughts about the 'higher risk in the north' implications - well firstly we need to understand how they came to that conclusion (might be nice to get hold of the WoodMac June 224 report 'Cracking the exploration code in deepwater Namibia and South Africa'). IMO, I believe they've come to that conclusion solely based on the Moosehead-1 dry well (as that is the only 'actual' data to the North - ie, a drill). Pancon has elaborated previously that we are targeting something completely different with the saturn complex (refer to fig:2 in the doc here - https://www.listcorp.com/asx/pcl/pancontinental-energy-nl/news/pel-87-project-update-2945763.html). So when WoodMac refers to 'greater risk' to the North, I think what they really mean is there is 'less data' to the North. WDS opting-out is also a great way to demonstrate their consulting expertise by drawing a parrallel to WDS leaving due to the risk. But who knows - maybe they are right? How do we find out? Simple - we drill an exploratory well (which will be done, assuming the prospective resource estimates and associated analysis is tempting enough).
Interesting times.
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