RE: Nice buy gone through10 Mar 2024 09:06
Https://hotcopper.com.au/asx/pcl/
PCL MC157M
has farmed out the lisence to woodside petroleum in the orange basin and retains 20%
just on this alone PCL has a MC157mill
no drilling yet and still todo 3d sismic just shows you how far off the pace the LSE/AIMis
WOODSIDE ENTERS INTO EXCLUSIVE OPTION ON
PANCONTINENTAL’S STRATEGIC DEEP WATER
NAMIBIAN BLOCK PEL 87 PROJECT
Woodside and Pancontinental have signed an Option Deed for Woodside to
enter the deep-water Namibia PEL 87 exploration project
Woodside will fully fund an estimated US$ 35 million, minimum 5,000 sq km 3D
seismic survey and pay Pancontinental US$1.5 million in cash
In exchange for Woodside fully funding the survey Woodside will have an
exclusive option to enter the PEL 87 licence and Joint Venture with 56% and
Operatorship
To ensure Pancontinental retains at least a 20% interest in the project if
Woodside exercises its option, Pancontinental has, for a consideration of
US$1.5 million, entered into an option agreement with Custos Investments
(Pty) Ltd (Custos) to acquire a 1% interest from Custos by paying Custos a
further US$1million
Following exercise by Woodside of its option and completion of its farmin to the
PEL 87 licence, Woodside will drill the first exploration well, through which it
will carry Pancontinental at 20% interest
If the PEL 87 parties elect to drill a second well Pancontinental will have the
right to either fund its 20% interest, or elect to have a 10% interest in the well
carried by Woodside in exchange for transferring an additional 10% interest in
the PEL 87 licence to Woodside
Pancontinental has a “back-up” right to convert its interest to a 1.5%
overriding royalty interest on revenue derived from the sale of oil or gas
produced from PEL 87
Woodside will, on exercising its option, pay Pancontinental a further sum of
approximately US$2.5 million, of which approximately US$1.5 million is for the
reimbursement of a portion of Pancontinental’s past costs