Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2015quarterly activities report● Neutral
December 2014 quarter: cash $8.8m (from $9.1m), market cap $24.2m at 2.1c. Namibia mapping of major prospects continues with Tullow carrying all costs; Kenya L10A prospect review after Sunbird continues. No new results.
28 Nov 2014investor presentation● Neutral
AGM presentation repeats the Kenya and Namibia story. Share price 2.7c, market cap $31m, cash $9.1m, no debt. Says one onshore and up to four offshore wells are possible in 2015-16. Nothing new.
28 Nov 2014security holder rights change● Neutral
2,250,000 unlisted options exercisable at 12.25c, approved at the 2011 AGM, expired. 2,750,000 options exercisable at 12.3c remain on issue until 29 November 2016. Administrative; no cash or dilution impact since the options were far out of the money.
28 Nov 2014other● Neutral
AGM chairman's address repeats known positions. It expects BG to propose one or two oil-prospect wells in early 2015, and Tullow to free-carry one Namibia well of about $100m. Reserves are about $8.5m. No new results.
31 Oct 2014investor presentation● Neutral
October 2014 presentation: 4.5c share price, $51.8m market cap, $9.1m cash. Describes Sunbird as sub-commercial at that location, and up to three Kenya wells possible 2015/16. Mostly repeats known facts.
30 Oct 2014quarterly activities report● Neutral
September quarter: cash $9.1m. Namibia seismic and initial interpretation done at nil cost; Tullow considering a drilling location, fully carried. Sunbird analysis continues ahead of choosing further wells, PCL seeks farminees, and L8 licence efforts continue.
28 Oct 2014annual report● Neutral
2014 annual report repeats known positions: Tullow 65% and PCL 30% free-carried in Namibia, Albatross 422 million barrels, and the Sunbird oil discovery. Full mapping expected by end of 2014 calendar year. No new results visible.
3 Oct 2014price query● Neutral
PCL answers an ASX query on a rise from 3.4c to an intraday 4.4c. It says it knows of no undisclosed information, citing high farmout interest in L10A/B after Sunbird and the Namibia Albatross prospect. It confirms listing-rule compliance.
30 Sept 2014annual report● Neutral
Full-year statutory accounts to 30 June 2014. The readable portion lists directors, auditor Rothsay and director shareholdings (Kennedy 141m shares). No financial figures are visible in the text shown.
30 July 2014quarterly activities report● Neutral
June quarter: cash fell to $9.6m from $24.3m at March. Reports the Sunbird oil column, Albatross prospect, L10B stake at 25% (earlier flagged as 20%), and ongoing L8 talks. Farmout efforts are aimed at cash reimbursement plus exploration funding.
23 July 2014resource reserve update▲ GoodMajor
Early Namibia EL 0037 mapping identifies four prospects; Albatross (about 300 sq km) is estimated at 422 million barrels gross unrisked mean, 17% chance of success. Other prospects exceed 150 million barrels risked. Estimates are undiscovered and may change; final mapping due October 2014. PCL stays 30% free-carried.
17 June 2014drilling result▲ GoodMajor
After lengthy analysis, PCL says Sunbird-1 (L10A, PCL 18.75%) found a 14m gross oil column beneath a 29.6m gas column, claimed as the first oil offshore East Africa. Updates April's gas-and-liquid, unlikely-commercial result; BG is still to recommend follow-up.
10 June 2014admin correction● Neutral
Cover letter responding to an ASX query on the Africa conference presentation: disclosure statements are now shown on the same page as the resource estimates. Then re-attaches the June presentation. No new company information.
5 June 2014investor presentation● Neutral
June 2014 Africa conference presentation: share price 2.5c, market cap $28.7m, cash $24.3m at 31 March. Describes Sunbird as an oil and gas discovery that is sub-commercial at that location, with L10B at 20%. Expects two free-carried wells from early 2015.
16 May 2014asset acquisition disposition▲ GoodMajor
Kenya granted a 12-month extension to the L10B exploration period. PCL will lift its L10B stake from 15% to 20% by taking Premier Oil's share as it withdraws, pending ministry approval. PCL aims to farm out L10 drilling. BG says Sunbird found oil as well as gas.
30 Apr 2014quarterly activities report● Neutral
March quarter: cash fell to $24.3m from $34.4m. Sunbird-1 found a roughly 44m gross hydrocarbon column, and Namibia seismic was completed at no cost to PCL. The L8 licence expired, with talks on a new licence continuing. Market cap $34.5m at 3.0c.
28 Apr 2014drilling progress report▲ Good
The roughly 1,000 km 2D seismic survey in Namibia EL 0037 is complete, following the 3D survey. PCL stays 30% free-carried. Fast-track 3D data are expected in about 10 weeks. Neighbouring-block drilling is imminent, and other majors have entered Namibia.
17 Apr 2014investor presentation● Neutral
CEO conference presentation in Namibia, summarising Kenya and Namibia holdings including the Mbawa and Sunbird discoveries. Text shown is mostly disclaimers and background; no new results or figures visible.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash $34.4m. Sunbird-1 drilling continues in L10A; Namibia 3D seismic began at no cost to PCL; L6 farmout talks progressing; second L10 well being considered for mid-late 2014. No new results.
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.
