Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2009drilling result▲ GoodMajor
Mbawa 3D seismic acquisition over 800 sq km finished on 28 December 2009, after starting 2 December. Interim results are expected in 3 to 4 months. Drilling could start in the second half of 2010 at the earliest. PCL remains free-carried at 25%.
9 Dec 2009capital raising announcement● NeutralMajor
The rights issue closed with shareholders taking up 42,937,772 shares. The underwriter took the 31,098,060-share shortfall. About 58% of the maximum 74.0m shares was taken up by shareholders, so the $2.22m was raised as underwritten.
30 Nov 2009security holder rights change● Neutral
2,875,000 unlisted options exercisable at $0.15 lapsed unexercised on 28 November 2009. Administrative.
26 Nov 2009investor presentation● Neutral
AGM presentation: about 518m shares, price about 4.5 cents, market value about A$23m, cash about A$600,000. Rights issue is under way. Baniyas and Stokes Bay are due in 2010 and Mbawa drilling in 2011. No new results.
26 Nov 2009investor presentation● Neutral
Chairman's AGM address: the company scaled back during the downturn and expects more activity ahead. Baniyas is to be drilled in mid-2010, Mbawa 3D is being shot, and Malta rights are being pursued. Largely repeats known facts.
23 Nov 2009security holder rights change● Neutral
1,100,000 unlisted employee options exercisable at $0.15 lapsed unexercised on 21 November 2009. Administrative.
6 Nov 2009capital raising announcement● Neutral
Prospectus for the underwritten rights issue: one new share for every seven at $0.03, raising up to $2,221,075 (74,035,832 shares). Describes the offer as speculative. Repeats the 4 November announcement.
What it means for a shareholder
74.0m new shares at about A$0.030 to raise about A$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Nov 2009capital raising announcement● NeutralMajor
Fully underwritten rights issue (Patersons): one new share for every seven held at 3 cents, raising $2,221,075 for up to 74.0m shares. Funds go to Australian and Kenyan exploration and working capital. Price is well above the 1.2 cent placement in May.
What it means for a shareholder
74.0m new shares at about A$0.030 to raise about A$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Oct 2009annual report● Neutral
2009 annual report. The Chairman says the company scaled back activity in the downturn, with no new projects taken on, and plans more funding. Baniyas drilling is targeted for first half 2010, Mbawa 3D is coming, and Malta rights are difficult.
29 Oct 2009contract award▲ GoodMajor
Origin signed Fugro Geoteam to shoot the Mbawa 3D survey, starting in November and finishing by year-end. Coverage was upgraded to 800 sq km from 300 sq km at the same US$10m cost, with PCL free-carried at 25%.
26 Oct 2009quarterly activities report● Neutral
September quarter: Mbawa 3D start slipped to an estimated November. L6 area is now about 3,100 sq km and L8 is 5,115 sq km after relinquishment. Stokes Bay retesting now expected in 2010. Baniyas drilling is planned for 2010, subject to a farminee.
30 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009, with a basic loss of 1.26 cents per share. Directors unchanged, with Ernie Myers as Finance Director since January 2009. Text provided is truncated, so no further financial figures are given.
31 Aug 2009regulatory community update▲ GoodMajor
Kenya's Minister approved the L6 partial relinquishment and a revised work programme: onshore 2D seismic in the two years from 18 June 2009, then one well in each of years three and four. PCL holds 40% and is still seeking a farminee.
26 Aug 2009regulatory community update▲ GoodMajor
Kenya's Ministry approved the L8 partial relinquishment, keeping all major prospects. Fugro will shoot at least 300 sq km of 3D over Mbawa from October for at least US$10m, with PCL free-carried at 25%. This resolves the approval awaited since June.
30 July 2009quarterly activities report● Neutral
June quarter: Kenya L8 3D seismic over Mbawa is imminent, with PCL free-carried at 25%. Malta authorities claim the licence agreement expired in August 2008, which PCL disputes and will take Maltese legal advice on. Namibia licence expired; PCL selected an area for a new licence. L6 invoices disputed.
27 July 2009joint venture update▼ BadMajor
Dispute with Kenya L6 operator Gippsland Offshore over expenditure claims PCL says were unauthorised. PCL paid under protest, yet Gippsland claimed to transfer PCL and Afrex's 40% interest for default. PCL threatens legal action.
27 July 2009joint venture update▲ GoodMajor
Gippsland formally withdrew its notice transferring the Kenya L6 interest, so Pancontinental and Afrex's combined 40% stands. This resolves the same-day dispute over the transfer, though the underlying expenditure dispute and audit request are not stated as settled.
15 June 2009resource reserve update▲ GoodMajor
Bids received for a minimum 300 sq km, US$10m 3D survey over Kenya L8 for July-November 2009, with PCL free-carried at 25%. Mbawa upgraded to P10 recoverable 3.6bn barrels oil, or 1.5bn plus 400 bcf gas, or 11 Tcf gas. Still unproven until drilled.
3 June 2009capital raising announcement● Neutral
1 million shares issued at 1.2 cents to a consultant in payment of a fee, about $12,000 in value. Minor.
What it means for a shareholder
1.0m new shares at A$0.012 to raise about A$12,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 May 2009capital raising announcement● NeutralMajor
Placement of 58.3m shares at 1.2 cents to sophisticated investors raises $700,000 for working capital. This follows the weak $113,000 SPP and prices below the 1.9c SPP.
What it means for a shareholder
58.3m new shares at A$0.012 to raise about A$700,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Apr 2009quarterly activities report● Neutral
March quarter: Origin still planning 3D over Mbawa; Stokes Bay retest planned for later 2009; Baniyas now estimated at 34m barrels oil equivalent and permit variations agreed. L9 relinquished. SPP raised only A$113,000. No new drilling results.
27 Mar 2009investor presentation● Neutral
Mbawa prospect slide pack: potential about 1.5 billion barrels recoverable oil plus 0.4 Tcf gas, with an interpreted 55m gas column over a 105m oil rim. 3D seismic planned 2009, drilling possibly 2011. Restates earlier work with a lower recoverable estimate.
19 Mar 2009investor presentation● Neutral
March 2009 company review repeating known projects: Stokes Bay testing, Baniyas (44m barrels) farmout, Kenya L6 and L8 (Mbawa) drilling timeline to 2011. Shares about 450m, price about 1.3 cents. No new results.
16 Mar 2009half year report▼ Bad
Half-year to 31 December 2008 shows a loss of about $5.15m on tiny revenue (about $148k interest and other income). Project updates repeat known positions: Kenya L8 25% free-carried, Stokes Bay untested, Namibia and Malta unchanged.
16 Feb 2009capital raising announcement▼ BadMajor
The Share Purchase Plan closed with only 5,947,381 shares issued, raising $113,000, against a maximum target of $2.535m. Shareholder take-up was very small.
What it means for a shareholder
5.9m new shares at about A$0.019 to raise about A$113,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 Jan 2009quarterly activities report● Neutral
December quarter: Stokes Bay 1 testing recovered only 190 more barrels of mud and no definitive formation fluids; testing expected to resume after the wet season. Kenya L8/L9 3D seismic planning continues; Key Petroleum withdrew from Namibia; Malta and Morocco unchanged.
15 Jan 2009admin correction● Neutral
Re-issued SPP shareholder letter correcting Mbawa potential to 'more than 5 billion barrels' of recoverable oil (previous copy said 5 million). Otherwise identical: 1.9c offer, up to $2.535m, closing 12 February 2009.
15 Jan 2009capital raising announcement● NeutralMajor
Share Purchase Plan offers shareholders up to $5,000 of shares each at 1.9 cents, about a 19% discount, to raise up to $2,535,190 (133.4m shares). Closes 12 February 2009. Funds go to exploration and working capital, after earlier cash of only A$1.2m (Jun 2008).
15 Jan 2009other● Neutral
Letter to shareholders accompanying the 1.9c Share Purchase Plan (up to $2.535m, closing 12 February 2009). Lists planned uses: Stokes Bay testing after the wet season, Baniyas farmout, Kenya L8 seismic, L6 2D seismic. Contains a Mbawa volume typo (5 million barrels), corrected in the next copy.
8 Jan 2009farm in farm out agreement▲ GoodMajor
Origin will fully fund a 3D seismic survey (minimum US$10m) over the main Kenya L8 prospects in 2009, with Pancontinental free-carried. L9 is relinquished and L8 reduced. Origin's earned interest reaches 75%, PCL keeps 25%; option to drill one well in the following year or relinquish L8.
