Pacific is really saying
The only thing that hits you straight on is they find it not prudent to drill and thanking Guyana for the extension on the lease. Pacific could have made an effort to raise money by selling shares and drilled as planned and not have to pay a penalty to the rig company. Exxon and Inpex drilled, they thought it prudent in a down market. What this action says is Pacific is bankrupting the company to take it private and start all over. There next move in December is to pay the rig company its money that is due, issue shares to itself and then announce a buyout. They will offer less than what the leases and wharf are worth.