Each one in plain English, with the numbers worked through for a shareholder.
10 Apr 2017capital raising announcement▼ BadMajor
PCL plans to raise up to $1.83m at 0.2c, below the 0.3c in January: a $600,000 placement of up to 300m shares, plus a $1.23m share purchase plan. Directors may take up to $200,000, subject to approval. Funds cover PEL 37 costs and working capital.
What it means for a shareholder
300m new shares at about A$0.0061 to raise about A$1.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Tullow did not commit to drill by the 27 March 2017 deadline. PCL says a drillable prospect exists; Tullow says more work is needed. Tullow will update in the first half of 2017. This leaves the Namibia well commitment unresolved.
The Africa Energy Corp farm-in for 10% of PEL 37 has lapsed after the parties failed to agree a restructured deal. The expected US$6.5m is lost, and PCL stays at 30%. Resolves the January restructure request.
Half-year report to 31 December 2016, covering the period of the Africa Energy deal, Tullow cash call and board changes. Shows PEL 37 at 30% (subject to farmout) and Kenya L6 interests. Financial figures are not in the truncated text.
December 2016 quarterly: cash was $189,000 at 31 December, with a post-quarter $1.0m raising. Restates the Africa Energy Corp deal for 10% of Namibia PEL 37 (US$1.7m upfront, US$4.8m at first well) as still subject to conditions, and the board changes.
Routine section 708A notice for the 333,333,333-share placement at 0.3c ($1.0m). 256,666,679 shares issued today; 76,666,666 await director shareholder approval. No new information.
Completes the January placement: 256,666,679 shares issued at 0.3c ($770,000). A further 76,666,666 shares ($230,000) go to directors only if shareholders approve at a general meeting. Hartleys was broker, with Peel Hunt support.
What it means for a shareholder
257m new shares at A$0.003 to raise about A$770,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
18 Jan 2017capital raising announcement● NeutralMajor
PCL raises up to $1.0m via a placement of up to 333m shares at 0.3c, down from 0.4c in earlier raisings. Funds are for paying Tullow's disputed costs (circa A$600k remaining), Namibia exploration and working capital. Directors commit $230,000, subject to approval.
What it means for a shareholder
333m new shares at A$0.003 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Routine section 708A notice for the placement of 333,333,333 shares at 0.3c raising $1,000,000 before costs. Confirms the raising announced the same day.
What it means for a shareholder
333m new shares at A$0.003 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Africa Energy Corp wants to restructure its Namibia farm-in, cutting the US$1.7m upfront payment to reflect its exposure to Tullow's disputed cash calls. PCL is confident of a sensible outcome. This puts the November deal in doubt.
PCL will pay Tullow's US$552,897 cash call under a staged plan Tullow accepted, to avoid a default under the joint operating agreement. Payments are without prejudice to PCL's right to contest it.
Tullow issued a purported US$552,897 cash call for 35% of 2014–2016 costs in Namibia PEL 37. PCL says the items are covered by its free carry and the call is invalid. This challenges the free-carry position.
Company Secretary and accountant Vesna Petrovic is appointed an Executive Director, effective 9 December 2016. She remains with the company, which says the board has a good mix of skills.
1 Dec 2016director officer appointment● NeutralMajor
At the AGM, David Kennedy stepped down as chairman, handing over to John Leach, and stays on as non-executive director. Ends Kennedy's long run as chair.
PCL agrees to assign 10% of its 30% in Namibia PEL 37 to Africa Energy Corp for expected US$6.5m (~A$8.5m): US$1.7m upfront on conditions, US$4.8m when the first well starts. PCL keeps a 20% free-carried interest. Conditions include partner and government consent within 90 days.
Chairman's AGM address calls the Africa Energy Corp deal one of the most important in the company's history, and says Kennedy will step down as chairman for John Leach. Describes Kenya L6 as having had several setbacks.
AGM presentation restating strategy, the Namibia 30% and Kenya L6 interests, 1,717m shares and a market cap of A$6.9m. Truncated text shows nothing new.
November 2016 investor presentation with standard disclaimers and Namibia resource statements dated 28 September 2015. Truncated text shows nothing new.
September 2016 quarter: cash fell to $739,000 from $1.2m, with 1,717m shares. Namibia PEL 0037 prospects are still being ranked for drilling, with a well due by March 2017. Kenya L6 future to be considered with FAR.
2016 Annual Report with the Chairman's review, stating the company is a leaner group with a zero-cost exploration portfolio and no debt, with Namibia drilling in its sights. Text is truncated; nothing new beyond known facts.
Full-year statutory accounts for year to 30 June 2016: directors' report and governance statement. Notes John Leach joined the board in February 2016 and Anthony Maslin resigned in January 2016. Text is truncated, so no financial figures are readable.
September 2016 Africa Oil & Gas Conference presentation. Repeats the known Namibia 30% and Kenya L6 interests, 1,717m shares and a market cap of about $6.9m at 0.4c. Truncated text shows nothing new.
June 2016 quarter: cash $1.2m, 1,717m shares. Tullow remains committed to one free-carried Namibia well, targeting 915 million barrels of prospective resource. PCL is in continuing talks with FAR on its future in Kenya L6. No new results.
March 2016 quarter: cash $1.1m, 1,717m shares, market cap $8.6m at 0.5c. Tullow's continuation and Namibia drilling by March 2017 reported. For Kenya L6, PCL is now reviewing its position. Fundraising over two quarters raised $2.2m.
Tullow elects to stay in Namibia PEL 37 and is committed to drill one fully funded exploration well, subject to finding a drillable prospect, by 27 March 2017. It resolves the 31 March decision point: PCL keeps its free-carried 30%, with four prospects over 900 million barrels.
Routine section 708A notice for a placement of 185.5m shares at 0.4c. This is the shortfall placement announced 18 March, though the share count differs from the 175m shown there (likely including broker shares, an inference).
What it means for a shareholder
186m new shares at A$0.004 to raise about A$742,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
