Yep, no question the obligations will have been completed. However, there are no guarantees Woodside will farm-in at all. Though this seems unlikely given they will have paid probably north of $40m for the 3D (it was $35m estimate for the 5000sqkm area). A well is likely to cost more than $50m, so there is that hurdle, although I know from other Namibia offshore blocks, the minimum expenditure for the first drilling term was $20m, so that could be the "out" if Woodside enter the next term and don't drill. But then would come the legal stoush... For clarity, IMO, Woodside will join.
PCL Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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