This forum needs a down-ramping reality check to balance the hype. So here's some facts for you all:
FAR had 15% of of a commercial oil find in Senegal, now being developed by Woodside. At their peak they had a market cap around $440 million and that was with $80 million cash in the bank.
So talk of $1 is ridiculous, this would put PCL at $7.5 billion MC and firmly in the ASX 100.
Commercial success big enough for WPL to develop could see PCL up to 10 cents based on 20% of PEL 87.
Speaking of PEL 87, here is a brief history:
Brazil's HRT had this licence previously then known as PEL 24. They drilled a well in 2013 in the south of the licence (Moisehead) and found wet gas and was deemed a duster. (No one wants gas offshore Namibia).
The nearest commercial find to PEL87 is the Kudu Gas field which has more gas than they can find a market for onshore southern africa.
Most of PEL87 actually sits between the Orange Basin and the Luderitz basin. A geological purist would ecplain that the Orange Basin extends fron South Africa almost to Capetown as far north as the Kudu gas field and northern tip reaches the previously mentioned Moosehead well on the border of PEL87 and Galp's PEL83.
It's fantastic that WPL are now funding seismic but are smart enough to not farm-in until they see what the 3D looks like.
Galp will drill in PEL83 late this year or early 2024 but before any drill on PEL87 by WPL.
So if you want real nearology, wait to see their results. If its oil then excellent, if gas then not looking so good for PEL87's prospects.
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Price($) | Vol. | No. |
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