Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter: cash $33.0m (from $33.8m). Apache has not yet given formal L8 withdrawal notice; PCL expects to take up its 15% share at no cost, lifting it to 30%. First L10A well, likely Sunbird, expected early 2014. L6 farminee talks advancing.
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.
31 July 2013quarterly activities report● Neutral
June quarter: cash $33.8m. Restates Kubwa oil shows, the Namibian D&M estimate and Wingat-1 oil. Notes HRT's Murombe-1 was a dry hole. L8 second well still undecided, with Kipungu now named as a candidate; PCL has started talks with prospective Namibia farminees.
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.
29 Apr 2013quarterly activities report● Neutral
March quarter: cash $35.3m (from $40.9m). Anadarko's Kubwa-1 found non-commercial oil shows, which PCL says suggests an oil system offshore Kenya. L8 second well still undecided; L10A/B possible two wells late 2013; L6 and Namibia still seeking farminees. Text truncated.
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.
31 Jan 2013quarterly activities report● Neutral
December quarter: cash $40.9m. L10A/B western 3D survey finished January 2013, with a possible 2-well programme. L6 JV is seeking a farminee. L8 second well is being considered, with Tai prospect (220m barrels oil potential) a leading candidate. Namibia farminee sought.
30 Nov 2012agm notice● Neutral
AGM chairman's address: Mbawa is called a substantial gas discovery, though oil was preferred. L8 next-phase recommendation is expected Q1 2013. Anadarko plans nearby wells, the first in December 2012. PCL has about $39m, expects to farm out L6 spending and Namibia work.
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.
29 Oct 2012quarterly activities report● Neutral
September quarter report repeats the Mbawa gas discovery (51.8m pay) and says analysis continues into 2013. L10A/B 3D survey is planned for Q4 2012. PCL says it is funded for up to 4 Kenya wells directly, one depending on a farm-out of L6. No second L8 well decided.
11 Oct 2012drilling result▲ GoodMajor
Preliminary Mbawa 1 update: 51.8 net metres of gas pay at ~24% porosity, interpreted as thermogenic gas from a possible mixed gas/oil source. Well finished 13 days early, left re-enterable. Volume and commerciality are not yet known. The deeper target was not optimally tested.
28 Sept 2012other● Neutral
Adoption version of PCL's constitution dated 27 September 2012, prepared by Corrs Chambers Westgarth. Includes proportional takeover approval rules. Administrative document; no operational or financial news.
27 Sept 2012annual report● Neutral
Annual financial report for the year to 30 June 2012, showing a loss of 0.23 cents per share. Board unchanged: Kennedy, Rushworth, Myers, Maslin; auditor Rothsay. Text is truncated, so no further figures are given.
19 Sept 2012joint venture update▲ GoodMajor
Operator BG plans a new 2,280 sq km 3D survey over L10A/B (PCL 15%) from November 2012, targeting Miocene reefs and the Crombec Lead, with results expected Q2 2013. Drilling is being considered for 2013. Cites Mbawa as encouragement.
12 Sept 2012drilling result▲ Good
Origin says Mbawa 1 reached total depth of 3,150m, with about 51.8 net metres of gas pay in three zones. Detailed analysis will guide future activity. Duplicates PCL's own discovery news.
