21 Oct 2008drilling progress report● Neutral
FAR (8%) repeats the operator's update: Stokes Bay-1 test crew on site, swabbing begun, nitrogen unit awaited. No formation fluids recovered from the Nullara yet. Duplicate of operator information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2008annual report● Neutral
Full 2008 annual report. Chairman says Stokes Bay-1 testing is planned to restart in October, Carnarvon EP 424/EP 110 drilling is expected in first half 2009, and a new African project may be announced within months. Financial figures are not in the text provided.
7 Oct 2008drilling progress report● Neutral
Emerald repeats that Stokes Bay-1 testing is now expected October 2008, using nitrogen. No formation fluids recovered yet. Duplicate of operator information.
7 Oct 2008drilling progress report● Neutral
FAR repeats that crews are mobilising for Stokes Bay-1 testing, now expected October 2008 with nitrogen replacing surfactant. No formation fluids recovered yet. Duplicate of operator information.
7 Oct 2008drilling progress report● Neutral
Empire says crew are mobilising to fix roads for Stokes Bay-1 testing, now expected October 2008, using nitrogen instead of surfactant to induce flow. No formation fluid yet recovered; the test slips from the planned late September.
24 Sept 2008annual report● Neutral
Annual financial report for year to 30 June 2008. Directors remain Kennedy, Munachen, Rushworth and Cornelius; auditor Rothsay. Text is truncated before any financial figures.
3 Sept 2008drilling scheduled● Neutral
Emerald (12.75%) repeats the Stokes Bay-1 retest plan for late September 2008. Duplicate of operator announcement.
3 Sept 2008drilling scheduled▲ GoodMajor
Operator Buru Energy (which now holds the 38.95% previously under ARC) announces the joint venture unanimously agreed further Stokes Bay-1 testing from late September 2008, starting with foaming surfactant to induce flow. Closure may be 7 km², up to 17 km². Follows July's inspection gas flow.
3 Sept 2008drilling scheduled● Neutral
Empire (14.8%) repeats the joint venture decision to test Stokes Bay-1 from late September 2008. Duplicate of operator announcement.
3 Sept 2008admin correction● Neutral
Empire re-releases its Stokes Bay-1 testing announcement as a replacement; only the partner table is corrected, showing Phoenix at 10%. No new information.
3 Sept 2008drilling scheduled● Neutral
FAR (8%) repeats the Stokes Bay-1 retest plan for late September 2008. Duplicate of operator announcement.
3 Sept 2008drilling scheduled● Neutral
Pancontinental (10%) announces the joint venture's unanimous decision to retest Stokes Bay-1 from late September 2008, to identify reservoir fluid in the Nullara reef. Operator sees possible closure up to 17 km². Pressure is consistent with hydrocarbons, though other readings possible.
6 Aug 2008regulatory community update● Neutral
Origin, as operator, issues the same Kenyan extension news for L8/L9: commitment deadline moved to 21 January 2009. It estimates Mbawa could hold over 1 billion barrels recoverable, but stresses it is unproven until drilled. Repeats PCL's release.
5 Aug 2008regulatory community update▲ GoodMajor
Kenya grants a six-month extension to the first additional period on Blocks L8 and L9, with the deadline to commit to the drilling phase now 21 January 2009. Origin (75%) must fund it; PCL holds 10% plus Afrex 15%. Origin is still seeking drilling partners.
7 July 2008well test result▲ Good
FAR repeats the operator's Stokes Bay-1 inspection: 1,200 psi wellhead pressure, gas flowed about six minutes then mud and gas. Described as very encouraging. Duplicate of operator data.
7 July 2008well test result● Neutral
Emerald (12.75%) repeats the operator's Stokes Bay-1 inspection: 1,200 psi wellhead pressure, gas flowed about six minutes, then mud and gas. Called very encouraging; a definitive test is being designed. Duplicate of operator data already reported.
7 July 2008well test result▲ GoodMajor
ARC's inspection of Stokes Bay-1 found 1,200 psi at the wellhead; the well flowed gas for about six minutes, then mud and gas, before stopping. Operator calls it very encouraging, with gas from Laurel sands or Nullara reef. First gas flow since testing stalled. Definitive test design follows.
7 July 2008well test result▲ Good
Empire repeats the operator's Stokes Bay-1 inspection: 1,200 psi wellhead pressure, gas flowed about six minutes then mud and gas, interpreted as very encouraging. Duplicate of operator data.
7 July 2008well test result▲ Good
Pancontinental relays ARC's inspection result: Stokes Bay-1 wellhead pressure 1,200 psi and gas flowed for about six minutes, then slugged mud and gas. Operator calls it very encouraging; a definitive test is being designed. PCL holds 10%.
1 July 2008security holder rights change● Neutral
500,000 unlisted employee options (250,000 at 10c, 250,000 at 15c) lapsed unexercised on 30 June 2008. Administrative notice.
17 June 2008regulatory community update▲ Good
A satellite survey for Origin interprets oil seepage at Kenya blocks L8/L9, where PCL holds 25%. Origin calculates Mbawa prospect potential above 5 billion barrels oil-in-place. Only drilling can confirm. Cash at bank is $1.1m, down from $3.9m in November.
14 Apr 2008farm in farm out agreement▲ GoodMajor
Pancontinental signs a deal with Key Petroleum: each gets 50% of any petroleum agreement awarded over its 30,000 sq km Namibia Walvis Basin licence. Key pays up to A$100,000 of past costs and shares future costs. PCL's interest falls from 100% to 50% if awarded.
14 Apr 2008farm in farm out agreement▲ Good
Key Petroleum announces its Namibia consortium agreement with Pancontinental: Key takes 50% of any petroleum agreement and exploration licence converted from the 30,000 sq km Walvis Basin licence, paying up to A$100,000 for past costs. Duplicate of Pancontinental's release.
3 Apr 2008admin correction● Neutral
The share registry, Advanced Share Registry Services, has moved to 150 Stirling Highway, Nedlands. Administrative notice only.
11 Mar 2008half year report● Neutral
Half-year to 31 December 2007: loss of $822,288, on $121,724 of interest and other revenue. Directors' report notes no significant change in the entity's state of affairs. Review was by Rothsay. Remainder of the text is truncated.
2 Jan 2008security holder rights change● Neutral
1,625,000 unlisted employee options exercisable at 20c lapsed unexercised on 31 December 2007. Administrative notice.
28 Dec 2007security holder rights change● Neutral
4,025,000 unlisted director and employee options exercisable at 8c lapsed unexercised on 27 December 2007. Administrative notice.
4 Dec 2007well test result● Neutral
Empire repeats the operator's report: Stokes Bay-1 testing suspended and equipment removed because of rain, resuming around April 2008. Reservoir fluid still undetermined. Duplicate of operator data.
4 Dec 2007well test result● Neutral
ARC has suspended Stokes Bay-1 testing and removed all equipment because of seasonal rain. Testing is planned to resume around April 2008 after the wet season. The reservoir fluid and pressure source remain undetermined, so the result is delayed about four months.
29 Nov 2007investor presentation● Neutral
AGM presentation restates known projects: Origin to elect to drill Kenya L8/L9 by April 2008, Malta border talks, Namibia studies, and Baniyas drilling with a rig around end-2008. Cash $3.9m, 444m shares. No new results.