Investors are uneasy about communication from PCL regarding news flow. The company would be bound by confidentiality clauses in a mutual agreement made with potential farmees in the data room and being in breach of the agreement may will kill a golden goose. So they need to say MUM until anything can be announced. This is protocol so as not to offend those who hold the big $$ - the big companies are always very secretive about the big decision making process. Sintana are not farming out so they can say what they want about their interest or general statements in order to get Saturn drilled. Woodside withdrew barely 2 months ago and it takes time and a great deal of effort to get a farmout across the line. The Saturn fan is geologically complex and its interpretation would take time. A $50-100million farmin investment decision would normally require a one month farmee Board approval period once a technical recommendation has been made to farmin. The PCL team would be acutely aware of these aspects in drawing up their timeline to receive bids. It seems that they took contingency measures in anticipation of Woodside not proceeding. I just wish that further value could be added to the prospect portfolio if Pancon see leads other than the Saturn fan complex. Much patience needed.
PCL Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
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