Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2012drilling result● NeutralMajor
Mbawa-1 reached final depth of 3,151m with about 52m net gas pay in the primary target, but the deeper secondary target held no hydrocarbons. The well will be plugged as planned; partners will analyse data and plan next exploration. Gas, not the oil PCL hoped for.
10 Sept 2012drilling result▲ GoodMajor
Mbawa 1 found about 52 net metres of natural gas pay in Cretaceous sandstones, the first substantive hydrocarbon discovery offshore Kenya. Drilling continues to a deeper target. Size of the discovery is not yet known. Resolves the main Mbawa open thread positively.
7 Sept 2012other▲ Good
S&P Dow Jones index announcement: PCL is added to the S&P/ASX 300 index after the close on 21 September 2012. Index change only; no company operational news.
3 Sept 2012drilling progress report● Neutral
Mbawa has reached 2,553m and elevated mud gas readings were seen between 1,998m and 2,553m. Wireline logs are being run, and the significance is not yet known. An early, unconfirmed hint ahead of the 10 September result.
27 Aug 2012drilling progress report● Neutral
Mbawa at 2,006m while a second casing string is set. The primary and main secondary targets are deeper, with planned total depth now 3,275m. No results yet.
24 Aug 2012drilling progress report● Neutral
Mbawa first casing is set at 1,503m and drilling has reached 2,005m, with operations on plan. No hydrocarbon results reported yet.
13 Aug 2012drilling spud▲ GoodMajor
PCL confirms Apache has begun drilling Mbawa, the first prospect in its Kenya portfolio, with casing being set at 1,519m. Well to reach 3,250m in about 60 days. PCL's 15% is free carried to US$9m; it estimates up to 4.9bn barrels of oil in place.
13 Aug 2012drilling spud▲ GoodMajor
Joint venture partner Origin says operator Apache spudded Mbawa 1 on 10 August 2012. It is expected to take about 60 days to 3,250m in 864m of water. Confirms the long-awaited Mbawa spud (PCL 15%).
1 Aug 2012investor presentation● Neutral
Notice of a webcast interview with CEO Barry Rushworth on 1 August 2012. The announcement itself carries no company information, only access details.
31 July 2012quarterly activities report● Neutral
June quarter report restates known events: Mbawa drilling expected from August 2012, Kifaru 3D complete, the extra 10% of Namibia EL 0037 bought, and L10A/B processing continuing. PCL says it will contribute to Mbawa costs beyond the free carry. No new results.
31 July 2012capital raising announcement▲ GoodMajor
PCL will place the unsubscribed share purchase plan shortfall: up to 25.3m shares at 17.5c to raise up to $4.43m, from sophisticated and Hartleys institutional clients. Funds go to Mbawa costs, Kenya and Namibia seismic and working capital. Settlement expected 9 August 2012.
What it means for a shareholder
25.3m new shares at A$0.175 to raise about A$4.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 July 2012asset acquisition disposition▲ GoodMajor
PCL buys 10% of Namibia EL 0037 from Paragon for US$4m, US$2m now and US$2m on a farm-out or after six months. This lifts PCL's interest from 85% to 95%; Paragon keeps 5%, still free carried. Ministerial approval granted.
12 July 2012drilling progress report● Neutral
Operator FAR announces the L6 Kifaru 3D seismic acquisition is complete, with results expected early Q1 2013. FAR says Apache will drill Mbawa in August and plans its own L6 well in mid 2013. Duplicates PCL's own announcement of the same day.
12 July 2012drilling progress report● Neutral
Kifaru 3D seismic acquisition in Kenya L6 is complete, covering 778 sq km. Data will now be processed so one or more prospects can be defined for drilling in 2013 or early 2014. Mbawa is to be drilled this quarter.
13 June 2012drilling progress report● Neutral
Kifaru 3D seismic acquisition has started in Kenya L6 (PCL 40%), covering about 680 sq km at a budgeted $13.67m (PCL share $5.5m), expected to finish early July 2012. Follows the April contract award.
12 June 2012investor presentation● Neutral
June 2012 roadshow presentation shows 1,122.69m shares, market cap $196m at 17.5c, cash $55m and no debt, after the $45m placement. Restates Mbawa drilling in Q3 2012 and the Kenya and Namibia focus. No new operational results.
15 May 2012capital raising announcement● Neutral
The share purchase plan raised A$572,500 from applications for 3.27m shares, well below the A$5m cap. It supplements the $45m placement. The company says it is strongly funded, with Mbawa drilling targeted for Q3 2012.
What it means for a shareholder
3.3m new shares at about A$0.1751 to raise about A$572,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Apr 2012contract award▲ GoodMajor
Fugro-Geoteam has been awarded the Kifaru 3D seismic survey in Kenya L6 (PCL 40%, FAR 60%). It covers 680 sq km at a budgeted $13.67m, PCL share $5.5m, ahead of L6 drilling planned for the 2013 licence year.
27 Apr 2012quarterly activities report● Neutral
March quarter report restates the Deepsea Metro 1 drillship for Mbawa in Q3 2012 (drill-ready from 1 July), the Nanaa 3D survey (PCL share about A$2.9m) and the planned $50m raising. PCL now expects to contribute more to the well cost. Mostly known events.
27 Apr 2012capital raising announcement● Neutral
Offer document for the share purchase plan: existing shareholders can buy up to A$15,000 of shares at 17.5c, a 12.5% discount, to raise up to about A$5m. Offer closes 14 May 2012. Implements the plan already announced on 19 April.
19 Apr 2012capital raising announcement▲ GoodMajor
PCL plans to raise up to $50m: a $45m placement of about 257.1m shares at 17.5c plus a $5m share purchase plan. Funds go to Kenya and Namibia seismic and part of the Mbawa well cost. Tranche two needs a 24 May 2012 shareholder vote. Follows the $15m December raise at 7.5c.
What it means for a shareholder
257m new shares at A$0.175 to raise about A$45.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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12 Apr 2012other● Neutral
Notice that broker Hartleys has published a research report on PCL, available on the company website. No substantive company information in the announcement itself.
10 Apr 2012contract award▲ GoodMajor
Apache has secured the drillship Deepsea Metro 1 for Mbawa, with spud expected in Q3 2012 to 3,250m in 860m of water. PCL keeps 15% but now expects to pay more than the US$9m free carry covers, owing to higher well cost estimates.
22 Mar 2012drilling progress report▲ Good
Apache has finished the Nanaa 3D seismic survey, about 1,400 sq km in the southeast of Kenya L8, adding to the earlier Mbawa survey. Processing is due by end 2012; Mbawa drilling still planned during or before Q3 2012. PCL (15%) was free-carried by Tullow.
20 Mar 2012investor presentation▲ Good
March 2012 presentation restates the Kenya and Namibia focus and a first Mbawa well in or before Q3 2012. Shows 860.78m shares, price 18c, market cap $155m, cash $14m (29 Feb) and no debt, reflecting the December placement and a higher share price.
24 Jan 2012quarterly activities report● Neutral
December quarter report restates the Tullow L8 completion, Mbawa drilling estimated mid to Q3 2012, L10A/B seismic, and the $15m capital raising. Mostly recaps known events; the visible text gives no new results.
18 Jan 2012drilling progress report▲ Good
3D and 2D seismic acquisition on Kenya L10A and L10B (PCL 15% each) is complete, covering ten leads. Processing is expected by mid 2012, with mapping later in the year to define prospects before drilling. Completes the survey that began in November.
16 Dec 2011regulatory community update▼ BadMajor
The Maltese court did not grant the joint venture's injunction to stop the Government's bidding for areas overlapping the exploration study agreement area. PCL will review the decision and update shareholders. Setback for retaining the Malta rights.
12 Dec 2011regulatory community update● Neutral
Sun Resources repeats PCL's notice that the 9 December Malta injunction hearing was held in camera and the judge reserved his decision. A re-release; nothing new.
12 Dec 2011regulatory community update● Neutral
The 9 December Malta injunction hearing was held in camera and the judge has reserved his decision. No outcome yet.
