Thanks for the post, Unicorn1. While I am of the view if it takes more time to get the best deal that’s not a bad thing and I’m pleased with reported progress in the quarterly (contingent on indicative timelines being met), I am a little confused why Petrel aren't influencing the negotiations. Your previous note made me wonder why PRL/SEI would leave their star "quarter back" on the bench (given Casey’s track record negotiating with majors, such as Santos). After all, Schuepbach and Petrel’s interests are about as aligned as you can get (presumably), so it would make sense to play your strongest hand, wouldn't it? One plausible thought was Petrel consider Uruguay a bigger prize and he is deployed and focused there. Though, today's post made it sound like it was contrary to Petrel's wishes, which I am a little confused with given Petrel own 51% of SEI. You mentioned previously that your broker knows Casey... With that in mind, was he able to provide any more “colour” and “clarity” on why Schuepbach and Challenger has taken the lead/PRL is hamstrung, despite Petrel's ownership position in SEI? What was his sense on why things are protracted (For instance, are they holding out for the best deal for holders, waiting on core samples, considering a sell-out, etc)?
PRL Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
