The total high case prospective resource is estimated at 3.8 billion barrels of oil (net to PCL) while the total high case oil-in-place resource is estimated at 12.7 billion barrels of oil.
Pancontinental has prudently prepared for the possibility that Woodside may elect not to farm-in to PEL 87 and a process is already underway to secure an alternate farm-in partner to fund exploration drilling within PEL 87 at the earliest opportunity. PCL has received third party interest and, given its low quarterly cash burn, remains well funded to progress the farmout process. They also get to keep the valuable 2D & 3D seismic which Woodside have already paid for (which cost a lot of money) & they were forbidden to talk to anyone until this option was either exercised (or lapsed) by WDS.
“Others fear, I go wild” LOL
PCL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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