pcl east africa conference presentation, page-11

If PCL do get taken out prior to Mbawa drill I doubt this will be by a major as very few of them seem interested in drilling first in these areas.

The real super majors of Exxon / Total / Shell etc have largely been sitting on the sidelines n East Africa and I think PCL are in a fairly unique position at the moment, in that only Tullow in L8 will want to increase their stakeholding in my opinion as Apache already have a fairly large chunk of a very risky block and I doubt many majors would be interested in a small 10% interest in L8.

The board have done very well with the smaller interests in L8, L10A and L10B in my opinion for the moment, as this limits the amount of companies wishing to bid for this sort of equity stake in an unproven field, HOWEVER should there be a big find at Mbawa, many of the companies will be interested in even a smaller block, but my expectation would be that the 10% (asuming Tullow take their 5% which I have no doubt they will do) would also be sold to Tullow should a discovery made.

If they can sell this as an individual asset then that would be awesome but also unlikely and its likely Tullow will just take the whole company should a discovery at Mbawa be made.