1 Apr 2016joint venture update● Neutral
Tullow asked for more time on its Namibia PEL 0037 decision to continue or withdraw. PCL agreed to move the deadline from 31 March to 7 April 2016, with an update to follow.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2016capital raising announcement▲ GoodMajor
PCL raises $700,000 via a placement of 175m shares at 0.4c, managed by London broker Peel Hunt, covering the shortfall from the share purchase plan. Settlement is due 24 March 2016, with Peel Hunt's brokerage paid in shares.
What it means for a shareholder
175m new shares at A$0.004 to raise about A$700,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
26 Feb 2016director officer appointment● Neutral
John Leach, a chartered accountant and former finance director of Atalaya Mining, joins as non-executive director. The text gives no reason for the appointment.
22 Feb 2016half year report● Neutral
Half-year report to 31 December 2015 with permit schedule and directors' report. Confirms Namibia EL 0037 at 30% and Kenya L6 at 40% offshore and 16% onshore. Text is truncated, so no financial figures are readable.
8 Feb 2016capital raising announcement● NeutralMajor
Share purchase plan raised only $286,000 (71.5m shares at 0.4c), well short of the $1m target. Together with the placement and directors' placement, the December 2015 raising totals $1.524m.
What it means for a shareholder
71.5m new shares at A$0.004 to raise about A$286,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Feb 2016joint venture update▼ Bad
PCL disputes FAR's claim that it defaulted on two 2015 Kenya L6 cash calls, saying the calls assumed a 40% share rather than 16% onshore. It says about US$22,388 is purportedly owing, which it also disputes. No onshore access exists, and talks with FAR continue.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: cash $1.1m, 1,335m shares, market cap $5.3m at 0.4c. Tullow's Namibia drill decision due by 31 March 2016. Kenya L6 onshore delayed by land access, so partners sought a 12-month extension. $500k director placement approved.
29 Jan 2016capital raising announcement● Neutral
Share purchase plan closing date extended a second time, by one week to 5 February 2016, after shareholder enquiries. Price stays 0.4c, $1,000 to $15,000 per holder; shares now to issue around 12 February.
21 Jan 2016capital raising announcement● Neutral
Share purchase plan closing date extended one week to 29 January 2016 after shareholder enquiries. Price stays 0.4c, $1,000 to $15,000 per holder; shares to issue around 5 February.
11 Jan 2016investor presentation● Neutral
January 2016 investor presentation with standard disclaimers and resource statements as at 28 September 2015. Truncated text shows nothing new beyond the known Namibia and Kenya portfolio.
24 Dec 2015capital raising announcement● Neutral
Share purchase plan offer documents sent: shareholders can buy up to $15,000 of shares at 0.4c, a 20% discount to the 1 December price. Targets about $1m; closes 22 January 2016. Funds to go to Namibia sale costs, Kenya L6 farmout and working capital.
11 Dec 2015capital raising announcement● Neutral
Placement completed: 184.5m shares at 0.4c raising $738,000 before costs, less than the up to $1.2m flagged on 4 December. Routine section 708A compliance notice.
What it means for a shareholder
185m new shares at A$0.004 to raise about A$738,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
11 Dec 2015capital raising announcement● Neutral
Listing rule disclosure on the placement: $738,000 raised, shares on issue rise from 1,151m to 1,335m. Hartleys paid a 6% commission. No underwriting. Share purchase plan still depends on an ASX waiver.
4 Dec 2015capital raising announcement● NeutralMajor
PCL raises up to $1.2m via a placement of up to 300m shares at 0.4c, plus a planned $1m share purchase plan at the same price. Directors to subscribe $500k, subject to approval. Funds cover Namibia sale costs and about $400k owed to BG Group. First raising since 2012's $45m.
30 Nov 2015other● Neutral
Chairman's AGM address: Namibia best four prospects over 900 million barrels, about 260 million net to PCL. Tullow is negotiating with a farminee and PCL is seeking to sell part of its interest for cash; Board reviewing capital options. Chairman expects Tullow to drill.
30 Nov 2015investor presentation● Neutral
AGM presentation of 30 November 2015, with disclaimers and prospective resource statements as at 28 September 2015. Repeats the known Namibia and Kenya L6 portfolio; truncated text shows nothing new.
30 Oct 2015annual report● Neutral
2015 annual report: Chairman says the company is focused on its free-carried Namibia EL 0037 (30%) and Kenya L6 after releasing the Australian and Kenyan L10 blocks. Considering options to maintain cash; Tullow drilling commitment could come March 2016. No new figures in readable text.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: cash $993k (down from $1.3m), market cap $5.8m at 0.5c. Namibia's 915 million barrel prospective resource repeated, Tullow decision due by March 2016. Kenya L6 onshore seismic planning continues with operational delays. No new results.
30 Oct 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2015. Administrative filing with no operational or financial substance.
30 Sept 2015annual report● Neutral
Full-year statutory accounts to 30 June 2015. Readable portion lists the directors, auditor Rothsay and director shareholdings (Kennedy 141m shares). No financial figures are visible in the text shown.
28 Sept 2015resource reserve update● NeutralMajor
Namibia PEL 37 four prospects total 915 million barrels best-estimate prospective resource (100% basis); Albatross 349 million. PCL is considering selling part of its 30% to strengthen its balance sheet and fund new ventures. Tullow's drilling option runs to 31 March 2016.
31 Aug 2015investor presentation● Neutral
August 2015 conference presentation: share price 0.4c, market cap $4.6m. Repeats the portfolio of Namibia EL 0037 (30%) and Kenya L6, with no new information visible.
31 July 2015quarterly activities report▼ Bad
June 2015 quarter: cash $1.3m, market cap $6m at 0.5c. Withdrawal from both Kenya L10 blocks confirmed; a dispute over L10B operator overheads is unresolved. Namibia and L6 remain fully carried; delays in L6 onshore seismic planning.
12 June 2015farm in farm out agreement● NeutralMajor
PCL agreed to extend Tullow's 'drill or withdraw' decision on Namibia EL 0037 from 11 August 2015 to 31 March 2016. Tullow has spent about US$34m; PCL stays 30% free-carried. If Tullow does not drill, its 65% reverts to PCL.
1 June 2015asset acquisition disposition▼ BadMajor
PCL and PTTEP gave notice of withdrawal from Kenya L10A, the Sunbird oil discovery block; PCL's 18.75% passes to operator BG, subject to ministerial consent. PCL cites the project's cost and benefit profile. Leaves Namibia EL0037 and Kenya L6 as remaining assets.
30 Apr 2015quarterly activities report▼ Bad
March 2015 quarter: cash fell to $2.9m from $8.8m; market cap $13.8m at 1.2c. Non-core Australian assets relinquished and L10B exit confirmed. Tullow has spent about US$30m on Namibia at no cost to PCL; L6 onshore seismic expected within months.
8 Apr 2015asset acquisition disposition▼ BadMajor
PCL served notice withdrawing from Kenya L10B, where it held 25% and BG 75%, citing prudent financial management. It says its 18.75% in neighbouring L10A gives enough exposure. Ends the L10B farmout effort noted earlier.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014: revenue $193,480, expenses $351,673, loss $158,193. Operations text repeats known Kenya and Namibia positions, including a 12-month L10B work commitment extension and the awaited Anadarko Mlima well nearby.
10 Mar 2015investor presentation● Neutral
March 2015 Africa Oil & Gas Forum presentation repeats the Kenya and Namibia story: Sunbird oil discovery, Namibia mapping under Tullow, L6 onshore seismic and drilling now flagged for Q4 2015. Nothing new.
23 Feb 2015asset acquisition disposition● NeutralMajor
Key Petroleum is buying PCL's and FAR's Canning Basin interests in EP104, R1 and L15 (PCL had 19.59% EP104, 11.11% R1, 12% L15). PCL and FAR each pay Key $50,000 to take over obligations. Exits older Australian assets; subject to regulator approval.