Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2011farm in farm out agreement▲ Good
PCL's own release on Origin selling 50% of Kenya L8 to Apache, which becomes operator; Origin is reimbursed US$13.2m of past costs. PCL's group interest would be 25% (Afrex 15%, PCL 10%). Needs partner and Kenyan approvals; completion expected by end June.
16 Feb 2011farm in farm out agreement▲ GoodMajor
Origin agrees to sell 50% of Kenya Block L8 to Apache, which would become operator, drill Mbawa and pay part of Origin's well costs. Interests would become Apache 50%, Origin 25%, PCL group 25% (Afrex 15%, PCL 10%). Subject to partner and government approvals, completion expected by end June.
24 Jan 2011quarterly activities report● Neutral
December quarter: Stokes Bay-1 retest recovered only saline water. Mbawa mapping continues with a farminee sought, and L6 offshore farminee sought. Malta talks continue, the Namibia JV agreement is still being negotiated, and Anthony Maslin joined the board.
23 Dec 2010other● Neutral
PCL releases its securities trading policy under ASX listing rules. It is an administrative document with no news on projects or finances.
17 Dec 2010director officer appointment● Neutral
Pancontinental appointed Anthony Maslin as a non-executive director. He is Managing Director of Buxton Resources and a former stockbroker, and brings 17 years of corporate experience in management and promotion.
29 Nov 2010security holder rights change● Neutral
9,500,000 unlisted options exercisable at 9.25 cents expired unexercised on 28 November 2010. No money was raised from them.
29 Nov 2010agm notice● Neutral
Chairman's AGM address repeats known points: Mbawa drilling pushed into 2011 with farminee talks, and a possible announcement in coming weeks. Stokes Bay-1 flowed saline water, and Baniyas awaits acreage deals before committing to drill in 2011.
29 Nov 2010investor presentation● Neutral
AGM presentation restates known projects. It gives about 590 million shares, a share price near 4 cents, market value about A$24 million and cash about A$1 million. It cites 2+ billion barrels recoverable at Mbawa and 34 million at Baniyas.
15 Nov 2010well test result▼ BadMajor
The Stokes Bay-1 retest recovered about 2,760 barrels of fluid that was 100% water, with no hydrocarbons indicated. The well will be suspended. This ends the retest planned since early 2010 without finding oil or gas; PCL holds 10% of the licence.
25 Oct 2010annual report● Neutral
Full 2010 annual report to 30 June 2010 is released. The chairman describes a year of success mixed with frustrations, with Mbawa drilling pushed into 2011 and L6 onshore seismic approvals not obtained. Text is truncated, so no further figures are given.
22 Oct 2010drilling scheduled● Neutral
PCL confirms the Stokes Bay-1 retest for mid-November, lasting up to 7 days. Its test interest is 13.94% versus 10% licence interest, as other partners opted out. They can back in by paying 900% of their share of costs.
22 Oct 2010drilling scheduled● Neutral
Operator Buru says Stokes Bay-1 will be retested from mid-November using nitrogen lift, taking up to 7 days. Some partners are not participating; Buru says there is a substantial probability of no hydrocarbons. Confirms the retest planned in earlier reports.
22 Oct 2010drilling scheduled● Neutral
Partner Empire Oil & Gas (via Gulliver, 20.63% in the test) releases the same Stokes Bay-1 retest details as Buru. Notes a nearby well's oil shows, and that there is a substantial chance of no hydrocarbons. Repeats known information.
20 Oct 2010quarterly activities report● Neutral
September quarter: Mbawa 3D mapping continues, with final results due October-November and a P10 case of 3.6bn barrels of oil, subject to revision. Kenya granted a four-month licence-year extension. L6 now focuses offshore, seeking a farminee. Stokes Bay retest planned.
30 Sept 2010annual report● Neutral
Annual report to 30 June 2010: basic loss of 0.32 cents per share, improved from 1.26 cents. Directors are Kennedy, Rushworth and Myers after Cornelius's death on 14 July. Vesna Petrovic is Company Secretary. Text is truncated, so no further figures are given.
10 Sept 2010drilling result▲ GoodMajor
High-quality Mbawa 3D data received; the flat spots persist and the structure is large but faulted into compartments. Volume estimates are being revised up or down from earlier figures exceeding 1bn barrels. Processing ran late, drilling is now planned for 2011, and farminees are being sought.
27 Aug 2010farm in farm out completion▼ BadMajor
PCL will not proceed with the Irriculla 2 farm-in announced 20 May, after remapping raised the prospect's risk. This ends the ATP 587P venture before any spending was reported. The CEO points to other projects with near-term activity.
27 Aug 2010asset acquisition disposition▼ Bad
Tangiers Petroleum, PCL's farm-in counterparty, says it and PCL are withdrawing from ATP 587P and surrendering the tenement. Tangiers cites a wish to focus on other projects and increased risk after remapping.
27 July 2010quarterly activities report● Neutral
June quarter: preliminary Mbawa 3D confirms the flat spot, with final interpretation October-November. Namibia licence terms negotiated, with PCL 85% and Paragon 15%. L15 granted and the Irriculla 2 farm-in noted. L6 is in force majeure. Stokes Bay retest planned Nov-Dec.
14 July 2010director officer appointment▼ Bad
Long-serving non-executive director Ian Cornelius, on the board since 1992, has died after a long illness. The announcement does not mention a replacement.
18 June 2010regulatory community update▼ Bad
Kenya L6 operator Flow Energy (formerly GOP) has claimed force majeure from 19 January 2010. Access restrictions have delayed the environmental assessment needed for the planned onshore 2D seismic. This delays the L6 work programme; PCL holds 40%.
20 May 2010farm in farm out agreement▲ GoodMajor
PCL agrees to farm in to ATP 587P (Cooper-Eromanga margin, Queensland) from operator DVM, earning 20% by funding up to $500,000 of the Irriculla 2 well (estimated cost $1.5m). The prospect has P50 potential of 5m barrels. Subject to authority approval.
29 Apr 2010quarterly activities report● Neutral
March quarter: Mbawa 3D processing is under way, with preliminary results expected April and final end May. Malta met the authorities; Namibia licence talks planned for April. Stokes Bay retest slipped to mid-year. Baniyas farminee still sought for 2010 drilling.
22 Apr 2010regulatory community update● Neutral
Partner Empire Oil & Gas announces the same L15 licence grant over West Kora-1 (Empire 49%, PCL 12%). Adds history of past tests and the need for a workover to isolate water. Repeats PCL's announcement of the same day.
22 Apr 2010regulatory community update▲ GoodMajor
Production Licence L15 is granted over the West Kora-1 oil discovery in the Canning Basin for 21 years from 1 April 2010. PCL holds 12%. The well produced about 20,000 barrels in past tests; the joint venture aims to restore production, but planning and refurbishment remain.
16 Apr 2010director officer appointment● Neutral
Vesna Petrovic is appointed Company Secretary, taking over from Ernie Myers, who stays as Finance Director. The board cites increasing activity at several projects.
8 Mar 2010half year report● Neutral
Half-year to 31 December 2009: loss of $1.17m, on $61,000 of revenue (interest and other). Operations repeat the December quarter. Mbawa interim results are now expected in the second quarter of 2010, full results by July 2010.
4 Mar 2010asset acquisition disposition▲ GoodMajor
PCL lifts its interest in EP 424 (Baniyas, 34m barrels P mean) and EP 110 from 25% to 38.462%, taking its pro-rata share of Carnarvon Petroleum's withdrawn stake. Baniyas drilling is now planned for later in 2010.
3 Mar 2010joint venture update● Neutral
Empire Oil & Gas (a Stokes Bay joint venture partner) says operator Buru has begun an engineering study for retesting Stokes Bay-1, planned for the 2010 dry season. PCL holds 10%. Mostly a partner's release on Gingin West-1, which is not PCL's.
20 Jan 2010quarterly activities report● Neutral
December quarter: Mbawa 3D acquisition finished 28 Dec, with interim results due in 3-4 months and drilling second half 2010 at the earliest. L6 groundwork continues and the GOP invoice dispute is unresolved. The rights issue raised about $2m. Malta meetings planned for January.
