two very important points for me - one is that it is the ex bhp crew doing the work which i think is of great value to the speed of implementation and likely the reason they got into bed with PCL and moved so quickly on the seismics etc - all good for future pace of operations - it will just be down to budgetary consideration i feel for timing of well other than getting the rig slot.
the other one is that Iain is absolutely correct that small aussie Cos cannot hope to retain 20% equity and move to production - just not capable and as we saw with FAR they lost out, but also saw with NWE how to exit properly with shareholders obtaining value from the asset. This where PCL will end up also if management play their cards well should they hit any sizeable resource. the timing of the exit is truely where management will earn their keep.
PCL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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