Understandable comments noiboi, although I respectfully disagree with the notion that because WDS walked, something must therefore be wrong with PEL 87.
Woodside's global exploration budget was announced to be $200mil USD and if they went ahead with drilling - one well would eat up 1/3 of that entire budget. From the resource estimates we were given and the webinar today, Iain mentioned that without the nearby Mopane data available to them - their best estimates put the chance of success ~ 20%. If Woodside were to sink a third of their global exploration budget in to an offshore drill, only for it to turn up empty - they would be in an incredibly difficult position. I don't think they want the risk or the shareholder blowback. Not to mention that we would be looking to drill at least 2 wells (Oryx & Hyrax) to hit the big time.
On top of that (as others have mentioned) - they've been moving more towards gas and away from oil for some time now. I think it was more so just a case of them being a bad fit for us, not some hidden sea mine waiting to go off when we start drilling.
We wait and see
PCL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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