Wouldn’t read too much into the PEL87 date in that deck.- 2028 =...

Wouldn’t read too much into the PEL87 date in that deck.
- 2028 = conservative IR framing, not a hard view. Better to guide late and beat it than miss a 2027 call again.
- No operational control - Sintana Energy is reliant on partner timing, rigs, approvals → they’ll default to a padded timeline.
- PEL83 is the hero asset (near-term, modelable, drives the story), so it gets airtime; PEL87 just muddies the narrative.
- Appendix bias = “defensible/advancing” assets - PEL87 is still JV-dependent with no committed well, so hard to present as de-risked.
- Reality: licence says “drill by 2027”, deck says “likely 2028” → that gap = execution risk + expectation of either JV timing or an extension.

TL;DR: 2028 isn’t a contradiction, it’s a hedge. PEL83 sells today; PEL87 gets priced when a partner/rig shows up.