Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2007director officer appointment● Neutral
At the AGM the chairman says Battrick, who would have been offered CEO, leaves at year-end; director Barry Rushworth becomes acting General Manager until a new CEO is found. Stokes Bay-1 testing is stalled by rain, and the company is said to be adequately funded.
28 Nov 2007director officer appointment● Neutral
Andrew Svalbe has retired as a director after nine years, as foreshadowed in May 2007. He had already stepped down as CEO in July, so this completes his departure from the board.
26 Nov 2007well test result● Neutral
Operator ARC reports Stokes Bay-1 testing suspended for heavy rain; swabbing has recovered 3,644 barrels, about 29% of the 12,400 barrels of drilling fluid lost. Reservoir fluid and pressure source remain undetermined. Pancontinental holds 10%. Repeats the 23 November update.
23 Nov 2007well test result● Neutral
Emerald repeats the swabbing update: 3,644 barrels recovered, about 29% of the estimated 12,400 barrels of drilling fluid lost. Work is suspended for heavy rain, and the reservoir fluid is still undetermined. Duplicate of Empire's report.
23 Nov 2007well test result● Neutral
Swabbing at Stokes Bay-1 has recovered 3,644 barrels, about 29% of the estimated 12,400 barrels of drilling fluid lost. Work is suspended for heavy rain. The nature of the reservoir fluid and the source of its pressure are still undetermined.
15 Nov 2007well test result● Neutral
Testing restarted at Stokes Bay-1 on 14 November, but the first attempt to make the well flow failed, so swabbing equipment is being brought in. Pressure readings were encouraging, but the operator says clean-up of the cavernous zone may take some time. Reservoir fluid is still unknown.
15 Nov 2007well test result● Neutral
Empire repeats the operator's report: testing resumed 14 November, the first attempt to flow the well failed and swabbing equipment is being mobilised. Duplicate of operator data.
15 Nov 2007well test result● Neutral
Pancontinental relays ARC's report: testing resumed 14 November, the first flow attempt failed and swabbing is to follow. Its version says similar wells can take up to 30 days of flow to show reservoir fluid. PCL holds 10%.
15 Nov 2007well test result● Neutral
Emerald repeats the operator's report: testing resumed 14 November, the first flow attempt failed and swabbing equipment is being mobilised. Duplicate of operator data.
7 Nov 2007drilling progress report● Neutral
Pancontinental relays ARC's report: rig released from Stokes Bay-1 on 6 November, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud (24% of 12,000 barrels). PCL holds 10%. Repeats operator data.
6 Nov 2007drilling progress report● Neutral
Emerald repeats the operator's report: rig released from Stokes Bay-1, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud. Duplicate of operator data.
6 Nov 2007director officer appointment▼ BadMajor
General Manager Matthew Battrick has resigned, effective 31 January 2008, after three years. The board says it is negotiating with a candidate to replace him and will announce further. He is the company's senior technical executive following Svalbe's July retirement as CEO.
6 Nov 2007drilling progress report● Neutral
Empire repeats the operator's report: rig released from Stokes Bay-1 on 6 November, testing to resume in one to two weeks, recovered fluids still appear to be drilling mud. Duplicate of operator data.
6 Nov 2007drilling progress report● Neutral
The rig was released from Stokes Bay-1 on 6 November. Testing will resume with a separate crew in one to two weeks. Fluids recovered still appear to be drilling mud, about 24% of the 12,000 barrels lost. No formation fluid is identified yet.
5 Nov 2007well test result● Neutral
Empire repeats the operator's flow test report: 3,000-4,000 barrels of fluid a day, apparently drilling mud, no hydrocarbons seen yet. Its figures for fluids lost and recovered are in square brackets (10,000 and 1,500 barrels), differing from the operator's. Duplicate of operator data.
5 Nov 2007well test result● Neutral
Partner FAR repeats the operator's report: flow test under way at 3,000-4,000 barrels of fluid a day, apparently drilling mud, no hydrocarbons yet. FAR holds 8%. Duplicate of operator data.
5 Nov 2007well test result● Neutral
The Stokes Bay-1 flow test began on 4 November, flowing 3,000-4,000 barrels of fluid a day. Fluids so far look like the drilling mud lost earlier, and no hydrocarbons have been seen. About 2,400 of 12,000 barrels lost are recovered. Testing continues. Pancontinental holds 10%.
5 Nov 2007well test result● Neutral
Pancontinental relays ARC's flow test report: Stokes Bay-1 flowing 3,000-4,000 barrels a day, apparently drilling mud, no hydrocarbons seen. The test continues until formation fluids are identified. PCL holds 10%. Repeats operator data.
5 Nov 2007well test result● Neutral
Emerald repeats the operator's flow test report: fluids recovered appear to be part of the 12,000 barrels of drilling fluid lost, with no hydrocarbons yet. Emerald will update when formation fluids are identified. Duplicate of operator data.
1 Nov 2007drilling result▲ Good
Stokes Bay-1 was deepened to 2,777 m with more mud losses, but mud gas peaks of up to 10% appeared. The operator recommends completing the well to test the Nullara. PCL's deeper interest is 10%. It is encouraging but not yet a result.
1 Nov 2007drilling progress report● Neutral
Empire says Stokes Bay-1 flowed into the wellbore intermittently, and the mud gas is interpreted as very dry (97% methane). The joint venture will complete the well for Nullara testing. Empire can back in to 14.8% by paying penalties from production. Empire's view; no test result yet.
1 Nov 2007drilling result▲ Good
Operator ARC reports Stokes Bay-1 at 2,777 m with 7-inch casing at 2,585 m, ongoing mud losses and intermittent gas peaks up to 10%. It will complete the well rather than run an open-hole test, with testing to follow. Duplicate source of the PCL release.
1 Nov 2007drilling progress report● Neutral
Partner FAR repeats the operator's report: Stokes Bay-1 at 2,777 m, with the well to be completed for Nullara testing within two days. FAR holds 8% in the deeper section. Duplicate of operator data.
1 Nov 2007drilling progress report● Neutral
Emerald repeats the operator's report: Stokes Bay-1 deepened to 2,777 m with continued mud losses and gas peaks up to 10%. The joint venture will complete the well as a potential gas producer and clean-up flow the Nullara. Emerald holds 12.75%. Duplicate of operator data.
25 Oct 2007drilling progress report● Neutral
Empire says the joint venture will run 7-inch casing in Stokes Bay-1 to test the Nullara carbonates first, then the Anderson sands. Empire is carried through completion costs but is non-consent below 2,589 m, keeping a right to back in by paying penalties from production.
25 Oct 2007drilling progress report● Neutral
Operator ARC reports drill-pipe logs show possible oil in some Anderson zones. Nullara top is at 2,722 m with logs degraded by large-scale vugular porosity. No fluid type is known because of mud losses. Casing will be run before testing.
25 Oct 2007drilling progress report● Neutral
Partner Emerald repeats the operator's update: casing to be run to test the Nullara lost-circulation zone, 2,737-2,755 m, then the Anderson sands. Emerald holds 12.75% in the deepening. Duplicate of operator data.
25 Oct 2007drilling progress report● Neutral
Pancontinental relays ARC's update: logs show modest oil potential in the Anderson sands, and the Nullara is very porous but its fluid content is unknown because of repeated mud losses. Casing will be run, then the Nullara tested. PCL holds 10%.
25 Oct 2007drilling progress report● Neutral
Partner FAR repeats the operator's report: logging done, casing to be run, then the Nullara tested. FAR kept its 8% in the deepening. Duplicate of operator data.
25 Oct 2007annual report● Neutral
Pancontinental's 2007 annual report; text is truncated before the financials. It notes A$5.8 million raised in the year, Origin completing its Kenya L8/L9 seismic farm-in, GOP completing its L6 farm-in, and the Namibia licence. Nothing new.
