RE:RE:Takeaways for those that dined in Based on what was explicitly stated by Dr Zoback, and the rest of the panel.
However, I do agree that statements may be interpreted in a variety of ways, one of which being that Wei-1 may be be drilled by CGX and FEC without any further JV partner. This could be one of the strategic options being considered to raise the bargaining position of the JV. And I encourage everyone to do their own due diligence and connect the dots in a rational way.
However, given the window to the Q3 spud date and a lack of information as how CGX will fully fund the drill, you don't have a member of the Board publicly state that the company is looking at multiple strategic options, has had interest from multiple majors in the area, and are exclusively focused on the Corentyne (even suggesting that the central corentyne channel is another target area) without questioning how stupid it would be for CGX to prioritize a capital raise and/or related party loan over any offers on the table to JV with a major or sell those assets not worth CGX's time (keeping in mind that CGX cannot use the proceeds of the sale of Berbice, should it occur, to fund the drill as per the last loan with FEC). So will FEC and CGX drill Wei-1? Undoubtedly. Is it likely that they will do so alone? Only if doing so is likely to provide CGX greater bargaining leverage (but consider looking at what is at stake).
If we wanted to really think outside the box, and what would truly be surprising, is what major has the ability to rapidly mobilize a rig, or rigs, to drill the commitment wells on the Demerara block before February 2023 (being roughly 9 months away). I would say that a JV partner committed to securing the terms of the present Demerara PA, as well as the commitment to develop both block, is what would be a massive win.