Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2011capital raising announcement▲ GoodMajor
PCL plans to raise up to $15m via a placement of up to 200m shares at 7.5c to institutional investors. Funds go to seismic on Kenya L10A/B and L6, Namibia EL37 and working capital. Addresses the falling cash (A$3.4m); tranche two needs a 9 January 2012 shareholder vote.
What it means for a shareholder
200m new shares at A$0.075 to raise about A$15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
A Maltese court granted an interim injunction preserving the status quo until a hearing on 9 December 2011. The Government has four days to reply. A first, temporary win in the Malta dispute with the Government.
Chairman's AGM address restates the Kenya and Namibia oil strategy, Mbawa drilling in 2012 and the frustrating Malta position. New points: CEO Rushworth's contract extended three years, and PCL is considering selling out of at least one older Australian project.
AGM presentation restates the Kenya, Namibia, Malta and Australian portfolio and the free carry on Mbawa. Shows price about 10c, about 661m shares, market cap about A$66m and cash A$3.3m, no debt. Nothing new.
PCL's best estimate for drilling Mbawa in Kenya L8 is during or before Q3 2012. PCL is free-carried by Tullow up to US$9m. Firms up the earlier 'first half 2012' target slightly later; no rig is confirmed in the text.
PCL and Sun have started legal proceedings in Malta seeking an injunction after the Government called for bids over areas including part of their exploration study agreement area (Area 5, Area 4 Block 3). Government alleges the agreement has expired. A dispute, not the earlier renegotiation.
3D seismic acquisition has started on Kenya L10A and L10B (PCL 15% each, BG operator), followed by 2D in the west. Data is expected to be fully processed by mid 2012. Moves the May 2011 licence awards into the survey stage.
September quarter report restates the completed Tullow farmout of 10% of Kenya L8 (PCL keeps 15%), the Namibia EL 0037 licence and ten leads on L10A/B. Mbawa P10 potential remains up to 4.9bn barrels of oil. Little new beyond earlier announcements.
2011 annual report: the chairman calls it a very good year, citing the Tullow and Apache L8 farmouts, the L10A/B licences and Namibia EL 0037, with Mbawa drilling planned for 2012. Malta remains frustrating with no timing known. Restates known facts.
October presentation restates the portfolio and the free carry on Mbawa. It shows price 10.5c, about 661m shares, market cap A$69m and cash A$3.4m at 30 September, no debt. It adds more than ten leads on L10A/B. Little new.
PCL appoints Ger Kegge, a Windhoek-based former Shell Namibia managing director and Tullow country manager, as its Namibia representative for EL 0037. A staff-level appointment, not a board change.
The Tullow farmout of 10% of Kenya L8 is complete after Kenyan ministerial consent. L8 is now Apache 50% (operator), Origin 20%, PCL 15%, Tullow 15%. PCL is carried through most of the Mbawa well; Apache is still sourcing a rig and no drill date is set.
Annual financial report for the year to 30 June 2011 with directors' report and statements. The visible text shows only corporate details and director biographies; no financial figures are readable here. Board unchanged.
August presentation repeats known projects and the free carry on the first Mbawa well, now targeting a spud in the first half of 2012. Shows price 10c, about 661m shares, market cap A$66m, cash A$5.7m, no debt.
June quarter report recaps the Namibia licence, L10A/B awards, the Tullow and Apache L8 deals and the $5m placement. Tullow completion still awaits Ministerial approval, not expected to be withheld. Mbawa drilling date remains to be set by Apache.
London investor presentation restates the Kenya, Namibia and Malta portfolio and recent deals. It shows a share price of 13.5c, about 670m shares, market cap A$85m and cash A$7m with no debt. No new project results.
Namibia grants PCL a Petroleum Agreement and Exploration Licence (EL 0037) over 17,295 sq km in the Walvis Basin, effective 28 June. PCL holds 85% as operator, Paragon 15% (free carried). Resolves the long-pending Namibia agreement signing.
15 June 2011farm in farm out completion▲ GoodMajor
Origin's own release says its sale of 50% of L8 to Apache is complete. Origin was reimbursed US$13.2m and Apache is now operator. Mbawa exploration timing is still undecided. Resolves the February Apache deal; PCL's Tullow farmout is noted as announced 1 June.
Farmout agreement signed 31 May with Tullow, firming up the March deal: Tullow earns 10% of Kenya L8, paying US$1m and carrying PCL for a further US$9m, including Mbawa drilling. PCL retains 15%; Tullow has an option on 5% more for US$6m.
Production sharing contracts for Kenya L10A and L10B were signed on 16 May 2011 with BG Group as operator. PCL holds 15% in each. This completes the offer of 23 February; a seismic-first programme with later drilling is proposed.
Replacement of the March quarterly report released the day before, with the same highlights on L8, Mbawa, L10A/B, Namibia and Jacka. The visible text shows no change in substance.
March quarter report recaps the Tullow and Apache L8 deals, Mbawa volume estimates, the L10A/B talks and the Jacka agreement. It also says the Namibia joint venture agreement was completed. Mostly repeats earlier announcements.
Jacka Resources and PCL sign a joint bidding agreement to evaluate and apply for petroleum acreage in the Eastern Arm of the East African Rift. It is a cooperation to seek new acreage, with no licences won yet.
PCL raises $5m before costs through a placement of 68,493,151 shares at 7.3 cents, led by Lodge Partners. Funds are for Kenya and Namibia exploration and working capital. This addresses the earlier cash shortfall of about A$1m.
What it means for a shareholder
68.5m new shares at A$0.073 to raise about A$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
March company overview restates Kenya, Namibia, Malta and Australian projects. It shows about 600m shares, a price of 8 cents (market value about A$48m) and cash about A$1m. Mbawa drilling is planned for 2011/12. Nothing new beyond known facts.
Origin's first 3D report on the Mbawa prospect estimates up to 4.9bn barrels of oil (P10, unrisked, if filled) plus a gas cap at the Tertiary-Cretaceous level, with a 2bn barrel mean. This is potential, not proven. It is based on early processing, and the oil system is unproven.
Half-year to 31 December 2010 shows a loss of $456,328 on interest income of $28,964. The report restates the Apache and Tullow L8 deals, the L10A/B negotiations and the failed Stokes Bay retest. No new project results are given.
Tullow agrees to take 10% of Kenya L8 from PCL, leaving PCL with 15% plus a Tullow option on a further 5%. Tullow pays US$1m for past costs and funds PCL's share up to US$9m, covering much of Mbawa drilling. Completion expected by June 2011.
A BG Group-led consortium, including PCL with 15%, is offered new Kenyan offshore Blocks L10A and L10B, with production sharing contracts still to be negotiated. This would more than double PCL's gross Kenyan acreage. A seismic-first programme is proposed.
