How about you get on the phone to PCL and find out a bit more.
I did and can add that whilst no real information was forthcoming from WDS as to their reasons for not taking up the option. 1.Others have speculated that given WDS only had a $200m exploration budget that the funds needed for PEL87 would have taken up most if not all of this. 2. If you have a look at the WDS business, they are heading more towards Gas and not to Oil (things have changed a lot in 2 years). WDS are no longer a exploration company, rather a production company. 3. Don't be surprised if WDS pops up in the Orange Basin still but this time it will be to do with the Gas many of the wells will need to get rid of for the oil. 4. Whilst they did us a favour of paying for the significant 3D we can now move forward with better proposals to a list of possible suitors for drilling. 5. Regarding the license extension, it is likely PCL will argue that they have far exceed the 3D requirements for PEL87 and therefore an extension will be granted (having another faminee in place with a plan will also help).
Instead of making stuff up, ring PCL and ask questions, plenty of shareholders have done this recently.
P.S There is still a risk we don't get a new partner but I believe with the 3D we now have we are better placed than before.
Cheers,
Rooey
PCL Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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