PCL sought to raise money at 5.5cents the day before - if they need the cash to finance further drilling, and the cash dries up, would they have to dilute their holdings to other JV partners (including BLO) in order to stay in the project? Would that be a possible reason for a negative spin on BLO's announcement?
Note - this may be absolute rubbish, and probably is. I don't have any knowledge of the oil industry and its machinations.
Pancontinental oil and gas, page-5
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