29 Oct 2009contract award▲ GoodMajor
Origin signed Fugro Geoteam to shoot the Mbawa 3D survey, starting in November and finishing by year-end. Coverage was upgraded to 800 sq km from 300 sq km at the same US$10m cost, with PCL free-carried at 25%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009, with a basic loss of 1.26 cents per share. Directors unchanged, with Ernie Myers as Finance Director since January 2009. Text provided is truncated, so no further financial figures are given.
31 Aug 2009regulatory community update▲ GoodMajor
Kenya's Minister approved the L6 partial relinquishment and a revised work programme: onshore 2D seismic in the two years from 18 June 2009, then one well in each of years three and four. PCL holds 40% and is still seeking a farminee.
26 Aug 2009regulatory community update▲ GoodMajor
Kenya's Ministry approved the L8 partial relinquishment, keeping all major prospects. Fugro will shoot at least 300 sq km of 3D over Mbawa from October for at least US$10m, with PCL free-carried at 25%. This resolves the approval awaited since June.
27 July 2009joint venture update▼ BadMajor
Dispute with Kenya L6 operator Gippsland Offshore over expenditure claims PCL says were unauthorised. PCL paid under protest, yet Gippsland claimed to transfer PCL and Afrex's 40% interest for default. PCL threatens legal action.
27 July 2009joint venture update▲ GoodMajor
Gippsland formally withdrew its notice transferring the Kenya L6 interest, so Pancontinental and Afrex's combined 40% stands. This resolves the same-day dispute over the transfer, though the underlying expenditure dispute and audit request are not stated as settled.
15 June 2009resource reserve update▲ GoodMajor
Bids received for a minimum 300 sq km, US$10m 3D survey over Kenya L8 for July-November 2009, with PCL free-carried at 25%. Mbawa upgraded to P10 recoverable 3.6bn barrels oil, or 1.5bn plus 400 bcf gas, or 11 Tcf gas. Still unproven until drilled.
3 June 2009capital raising announcement● Neutral
1 million shares issued at 1.2 cents to a consultant in payment of a fee, about $12,000 in value. Minor.
What it means for a shareholder
1.0m new shares at A$0.012 to raise about A$12,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 May 2009capital raising announcement● NeutralMajor
Placement of 58.3m shares at 1.2 cents to sophisticated investors raises $700,000 for working capital. This follows the weak $113,000 SPP and prices below the 1.9c SPP.
What it means for a shareholder
58.3m new shares at A$0.012 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.
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27 Mar 2009investor presentation● Neutral
Mbawa prospect slide pack: potential about 1.5 billion barrels recoverable oil plus 0.4 Tcf gas, with an interpreted 55m gas column over a 105m oil rim. 3D seismic planned 2009, drilling possibly 2011. Restates earlier work with a lower recoverable estimate.
19 Mar 2009investor presentation● Neutral
March 2009 company review repeating known projects: Stokes Bay testing, Baniyas (44m barrels) farmout, Kenya L6 and L8 (Mbawa) drilling timeline to 2011. Shares about 450m, price about 1.3 cents. No new results.
16 Mar 2009half year report▼ Bad
Half-year to 31 December 2008 shows a loss of about $5.15m on tiny revenue (about $148k interest and other income). Project updates repeat known positions: Kenya L8 25% free-carried, Stokes Bay untested, Namibia and Malta unchanged.
16 Feb 2009capital raising announcement▼ BadMajor
The Share Purchase Plan closed with only 5,947,381 shares issued, raising $113,000, against a maximum target of $2.535m. Shareholder take-up was very small.
What it means for a shareholder
5.9m new shares at about A$0.019 to raise about A$113,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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15 Jan 2009admin correction● Neutral
Re-issued SPP shareholder letter correcting Mbawa potential to 'more than 5 billion barrels' of recoverable oil (previous copy said 5 million). Otherwise identical: 1.9c offer, up to $2.535m, closing 12 February 2009.
15 Jan 2009capital raising announcement● NeutralMajor
Share Purchase Plan offers shareholders up to $5,000 of shares each at 1.9 cents, about a 19% discount, to raise up to $2,535,190 (133.4m shares). Closes 12 February 2009. Funds go to exploration and working capital, after earlier cash of only A$1.2m (Jun 2008).
15 Jan 2009other● Neutral
Letter to shareholders accompanying the 1.9c Share Purchase Plan (up to $2.535m, closing 12 February 2009). Lists planned uses: Stokes Bay testing after the wet season, Baniyas farmout, Kenya L8 seismic, L6 2D seismic. Contains a Mbawa volume typo (5 million barrels), corrected in the next copy.
8 Jan 2009farm in farm out agreement▲ GoodMajor
Origin will fully fund a 3D seismic survey (minimum US$10m) over the main Kenya L8 prospects in 2009, with Pancontinental free-carried. L9 is relinquished and L8 reduced. Origin's earned interest reaches 75%, PCL keeps 25%; option to drill one well in the following year or relinquish L8.
5 Jan 2009director officer appointment● Neutral
Finance Director Peter Munachen, a director since 1991, steps down to pursue other activities. Company Secretary Ernie Myers joins the board as Finance Director, keeping the secretary role. Barry Rushworth is now listed as Executive Director.
2 Jan 2009security holder rights change● Neutral
3,625,000 unlisted options exercisable at $0.10 expired unexercised on 31 December 2008. Administrative; no cash raised.
11 Dec 2008material agreement termination▼ BadMajor
Key Petroleum will not renew its Namibian consortium agreement with Pancontinental, citing the economic climate. The Reconnaissance Licence RL-1 of 2007 was never converted to an Exploration Licence, and available area has shrunk after third-party awards. Pancontinental loses its 50% partner.
27 Nov 2008other● Neutral
AGM chairman's address: markets are in turmoil, oil is down about 60%, and directors are preparing for a 'bumpy ride'. Staff numbers have been reduced. He calls Stokes Bay a potential future underpin if it proves up, and names Barry Rushworth Acting Chief Executive.
27 Nov 2008investor presentation● Neutral
AGM operations review repeating known project positions: Kenya L6 (40%), L8/L9 (25% after farm-in), Namibia, Malta suspended, Morocco boundary talks with no progress, and EP 110/424 (25%, Baniyas up to 44 million barrels). No new results.
4 Nov 2008well test result▼ BadMajor
Operator Buru reports the Stokes Bay-1 nitrogen test is finished with no definitive formation fluids recovered; only 190 extra barrels of drilling fluid came back (3,834 bbls total). Daily gas build-up to about 200 psi has no identified source. Other methods must be evaluated.
4 Nov 2008well test result▼ Bad
Emerald (12.75%) repeats the operator's result: Stokes Bay-1 testing complete with no definitive formation fluids recovered. Joint venture to consider future testing. Duplicate of operator information.
4 Nov 2008well test result▼ Bad
Pancontinental (10%) confirms the Stokes Bay-1 test is complete with no definitive formation fluids recovered, so whether hydrocarbons are present is still unanswered. The joint venture will consider any future testing. Repeats the operator's announcement.
4 Nov 2008well test result▼ Bad
FAR (8%) repeats the operator's result: Stokes Bay-1 testing complete, no definitive formation fluids recovered, 3,834 bbls of drilling fluid lifted in total. Duplicate of operator information.
4 Nov 2008well test result▼ Bad
Empire (14.8%) repeats the operator's result: Stokes Bay-1 nitrogen test finished with no definitive formation fluids and 3,834 bbls of drilling fluid recovered in total. Joint venture will consider next steps. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Emerald (12.75%) repeats the operator's update: crew on site, nitrogen unit being mobilised by BJ Services to lift heavy drilling fluid from Stokes Bay-1. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Empire (14.8%) repeats that the Stokes Bay-1 test crew is on site and has started fresh water circulation and swabbing, with nitrogen equipment still to arrive. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Pancontinental (10%) confirms the Stokes Bay-1 test crew is on site and swabbing has begun, with the nitrogen unit still to arrive. No formation fluids recovered from the Nullara yet. Follows the slip from late September.