Anythings possible. To say the leaverage is gone - is very debatable (like the entire stock market). The thing with frontier basin exploration is that costs are immense and get bigger, the deeper you get in the project (like project management 'stage gates'). Sure, it starts with a paltry 35mil USD, then if you don't pull the pin, you're up for another 100mUSD per drill (maybe 1-3 drills), then if you like what you see, you're up for an entire drill program (another 3-6 drills (like Shell) ). Sure, 'maybe' the 3D was not up to woodsides liking, but they very clearly do not have the risk appetite, or deep pockets to fund much further than a few 'stage gates' in this case (given their exploration budget). Pancon needs a high impact major / supermajor, who is willing to take the risk it takes for frontier basin exploration - ie, exploration in a basin that does not yet even have an oil industry or production (this is risky stuff), but assuming we see those Total & Galp FIDS go through (in 2026-2027)...then all of a sudden, realestate values go up. Anyway, appreciate your insights. The webinar is good, but very clearly the risk here is high - it's not Woolworths (those dang price gougers haha!).
PCL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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(20min delay)