I think Chevron would be thorn in our side. Pel90 is yet to be proven and even the remaining 9 drills are on hold for now. My view is that they will focus on pel 90, delaying our 1st drill as much as possible and the like for consecutive drills. Lets hope its Shell or Total with access to rigs already, so much quicker and multiple drill campaign potential. (Possibly even this year) They are both very aggressive players and thats what we want. Petrobas another possibility, with undisclosed tender offer for Galps 40% in the OJ basin chronology. Wouldnt discount QATAR either who currently hold interest in at least 3 leases in OJ basin, none of which they operate. so maybe tag team scenraio with another major. Remember that Shell wrote off over 400 mill just south of us. At 75 mill US per drill, suggests they funded the entire campaign which is exactly what we are looking for. To add, if they do move to production, it will be a huge win if Pel87 turns up with a discovery.
PCL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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