Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2014drilling result● NeutralMajor
Sunbird-1 is finished and plugged, with a 43.6m gross hydrocarbon zone (27.8m net pay) and gas and liquid samples recovered. PCL (18.75%) says the discovery is unlikely to be commercial given its estimated size. Resolves the pending result, with analysis continuing.
11 Apr 2014drilling progress report▲ Good
Tullow has finished the 3,000 sq km 3D seismic survey in Namibia EL 0037 and begun about 1,000 km of 2D. PCL keeps its 30% free-carried stake. Fast-track 3D results are expected in about 10 weeks. Completes the survey started in January.
17 Mar 2014drilling result▲ GoodMajor
After media reports of a find, PCL confirms Sunbird-1 reached 2,850m and found a hydrocarbon column in the Miocene reef. Its extent, nature and commerciality are not yet known because of drilling fluid losses. Well to be plugged; fuller results due in coming weeks.
12 Mar 2014half year report● Neutral
Half-year to 31 Dec 2013: loss of $8.77m on revenue of $0.91m. Confirms Sunbird-1 drilling ongoing and that Kenya's Ministry considers the L8 contract expired, with PCL seeking a new one. Milio onshore L6 farm-out noted. Mostly repeats known positions.
7 Mar 2014other● Neutral
S&P Dow Jones March 2014 index rebalance, effective 21 March 2014. The text shown lists changes to other companies; PCL's name does not appear in the readable portion. Index administrative notice with no company news.
21 Feb 2014joint venture update▼ BadMajor
Kenya's Ministry considers the L8 production sharing contract expired after Apache declined further exploration. This contradicts PCL's earlier expectation of lifting its stake to 30%. PCL is seeking to negotiate a new contract, with no guarantee of success.
17 Feb 2014farm in farm out completion▲ Good
Kenya's ministry has approved the Milio farm-out of onshore L6. PCL stays fully carried through a work programme FAR estimates at $30m, with seismic from April 2014 and a well in H1 2015. PCL keeps 16% onshore and 40% offshore. Completes the 4 February deal.
4 Feb 2014farm in farm out agreement▲ GoodMajor
PCL signs a farm-out of onshore Kenya L6 to Milio, which funds 1,000km of 2D seismic and an onshore well, expected early 2015, to earn 60% onshore. PCL keeps 16% free-carried onshore and 40% offshore. Subject to Kenyan approval; offshore farminee still sought.
17 Jan 2014drilling progress report▲ Good
Tullow has begun the 3D seismic survey in Namibia EL 0037, about 3,000 sq km plus about 1,000 km of 2D, taking up to 120 days. PCL keeps its 30% free-carried interest. This starts the work Tullow committed to under the farm-in.
6 Jan 2014drilling spud▲ GoodMajor
Sunbird-1 has started drilling in Kenya L10A, where PCL holds 18.75%. Planned to reach 3,000m in 50-60 days, with the well to be plugged regardless of result. Results will be announced after assessment; this is the first-ever Miocene reef test offshore East Africa.
23 Dec 2013other● Neutral
Cover note saying Hartleys has issued a revised research note on PCL, available on the company website. No substance beyond a pointer to the note.
10 Dec 2013investor presentation● Neutral
London presentation repeating known positions: Sunbird-1 spud mid-January, cash $30m, market cap $78m. Shows L10A interest at 18.75% (BG 50%, PTTEP 31.25%), up from the 15% previously recorded. Nothing otherwise new.
9 Dec 2013drilling scheduled▲ GoodMajor
Sunbird-1 in Kenya L10A, a first test of a Miocene reef offshore East Africa, is planned to start around 9-12 January 2014 using BG's drillship. Planned to drill to 3,000m in 50-60 days. Follows the earlier plan for an early-2014 L10 well.
22 Nov 2013other● Neutral
Chairman's AGM address: Sunbird drilling in L10A from early 2014; Origin has become L8 operator after Apache's withdrawal, and PCL's L8 stake doubles to 30% at little cost. Cash about $32m, plus about $1m expected back from Apache exit. Resolves the L8 operator question.
21 Nov 2013investor presentation● Neutral
AGM presentation repeating known positions: four Kenya blocks plus Namibia EL 0037, cash $33m, market cap $74m, no debt, 1,151m shares. Sunbird well in L10A expected Q1 2014. Nothing new.
21 Oct 2013annual report● Neutral
2013 annual report: chairman cites $33.8m cash at year end and the September 2013 Tullow farm-out of Namibia EL 0037 (30% free carry). First L10 well now expected early 2014; PCL is seeking a farminee for L6 drilling planned for 2014. Text truncated.
18 Oct 2013farm in farm out completion▲ GoodMajor
Tullow's farm-in to Namibia EL 0037 has closed after ministerial approval. Tullow holds 65% and is operator; PCL retains a 30% free-carried interest and Paragon 5%. Tullow's spend is estimated at up to US$130m, with 3D seismic expected in 2014. Completes the September agreement.
10 Oct 2013joint venture update● NeutralMajor
Media reports say Apache is withdrawing from Kenya L8, its 50% operated stake; no formal notice yet (60 days to withdraw, 90 to quit as operator). PCL expects, subject to ministerial consent, to raise its 15% pro-rata at no material cost, and the JV must choose a new operator.
26 Sept 2013annual report● Neutral
Annual report to 30 June 2013 shows a loss of 0.06 cents per share. Board unchanged: Kennedy, Rushworth, Myers, Maslin; auditor Rothsay. Text is truncated, so no further figures are given.
6 Sept 2013farm in farm out agreement▲ GoodMajor
Tullow agrees to farm into Namibia EL 0037, taking 65% and operatorship. PCL keeps 30% free-carried (Paragon's 5% is included in the carry) from 95%. Tullow funds 3D and 2D seismic and, if a prospect is found, one well; PCL estimates spend up to US$130m. Subject to approval.
10 July 2013price query● Neutral
PCL responds to a trading query, saying it knows of no undisclosed information explaining recent trading and complies with Listing Rule 3.1. It notes L8 is unchanged, with partners waiting on Apache to schedule a meeting and recommend a second well.
24 June 2013investor presentation● Neutral
Shareholder update repeating known positions: about $35m cash, L10A/B two-well programme from late 2013, L8 second-well decision expected mid-2013 for 2014, and farminees still sought for L6 and Namibia. Notes the L8 stake could fall to 10% if Tullow exercises its option. Nothing new.
24 May 2013resource reserve update▲ GoodMajor
Independent firm DeGolyer and MacNaughton estimates 11 oil leads in Namibia EL 0037 at 8.7bn barrels mean prospective (8.2bn net to PCL's 95%), unrisked, with a 5% geological success chance. These are leads, not yet drillable prospects. Follows HRT's Wingat-1 oil recovery next door.
27 Mar 2013asset acquisition disposition▲ GoodMajor
Kenya confirmed a 60% expansion of the L6 permit, reinstating previously relinquished acreage, to 5,010 sq km from 3,134. FAR estimates the new area holds 773m barrels unrisked (100% basis), taking L6 to 3,962m barrels. PCL keeps 40%; first well site expected after April 2013 3D data.
1 Mar 2013other▼ Bad
S&P Dow Jones March 2013 rebalance: PCL is removed from the S&P/ASX 300 after the close on 15 March 2013, reversing its September 2012 addition. Index change only; no company operational news.
27 Feb 2013resource reserve update▲ GoodMajor
FAR's new report puts unrisked best-estimate prospective resources for Kenya L6 at about 3.7bn barrels of oil or 10.2 Tcf gas (gross). PCL's 40% share is 1.48bn barrels. Three 3D-mapped prospects total about 630m barrels, with 18-21% discovery chance. First well site to be selected.
22 Feb 2013half year report● Neutral
Half-year to 31 December 2012: loss of $474,835 on revenue of $545,395. Operations recap Mbawa, L10A/B 3D completion and the Tullow carry terms. Board unchanged. Text truncated.
30 Nov 2012investor presentation● Neutral
AGM presentation repeating known themes: potentially 4 Kenya wells in 12 to 18 months, plus up to 6 Namibia wells by others, with direct exposure to one farm-out well. Board biographies included. Text truncated; nothing new is evident.
15 Nov 2012investor presentation● Neutral
November investor presentation restates known facts: Mbawa discovery, Kenya and Namibia positions. Corporate snapshot shows 1,149m shares, A$39.2m cash at September 2012, no debt, and market cap about A$99m at 8.6c.
29 Oct 2012annual report▲ Good
2012 annual report: the chairman calls Mbawa a ground-breaking first offshore Kenya discovery and says PCL raised $65m in the year. Cash was about $48m at year end (the quarterly later shows $39.2m at September). A Namibia farm-out is being considered. Text truncated.
