Each one in plain English, with the numbers worked through for a shareholder.
5 Jan 2009director officer appointment● Neutral
Finance Director Peter Munachen, a director since 1991, steps down to pursue other activities. Company Secretary Ernie Myers joins the board as Finance Director, keeping the secretary role. Barry Rushworth is now listed as Executive Director.
2 Jan 2009security holder rights change● Neutral
3,625,000 unlisted options exercisable at $0.10 expired unexercised on 31 December 2008. Administrative; no cash raised.
11 Dec 2008material agreement termination▼ BadMajor
Key Petroleum will not renew its Namibian consortium agreement with Pancontinental, citing the economic climate. The Reconnaissance Licence RL-1 of 2007 was never converted to an Exploration Licence, and available area has shrunk after third-party awards. Pancontinental loses its 50% partner.
27 Nov 2008other● Neutral
AGM chairman's address: markets are in turmoil, oil is down about 60%, and directors are preparing for a 'bumpy ride'. Staff numbers have been reduced. He calls Stokes Bay a potential future underpin if it proves up, and names Barry Rushworth Acting Chief Executive.
27 Nov 2008investor presentation● Neutral
AGM operations review repeating known project positions: Kenya L6 (40%), L8/L9 (25% after farm-in), Namibia, Malta suspended, Morocco boundary talks with no progress, and EP 110/424 (25%, Baniyas up to 44 million barrels). No new results.
4 Nov 2008well test result▼ BadMajor
Operator Buru reports the Stokes Bay-1 nitrogen test is finished with no definitive formation fluids recovered; only 190 extra barrels of drilling fluid came back (3,834 bbls total). Daily gas build-up to about 200 psi has no identified source. Other methods must be evaluated.
4 Nov 2008well test result▼ Bad
Emerald (12.75%) repeats the operator's result: Stokes Bay-1 testing complete with no definitive formation fluids recovered. Joint venture to consider future testing. Duplicate of operator information.
4 Nov 2008well test result▼ Bad
Pancontinental (10%) confirms the Stokes Bay-1 test is complete with no definitive formation fluids recovered, so whether hydrocarbons are present is still unanswered. The joint venture will consider any future testing. Repeats the operator's announcement.
4 Nov 2008well test result▼ Bad
FAR (8%) repeats the operator's result: Stokes Bay-1 testing complete, no definitive formation fluids recovered, 3,834 bbls of drilling fluid lifted in total. Duplicate of operator information.
4 Nov 2008well test result▼ Bad
Empire (14.8%) repeats the operator's result: Stokes Bay-1 nitrogen test finished with no definitive formation fluids and 3,834 bbls of drilling fluid recovered in total. Joint venture will consider next steps. Duplicate of operator information.
30 Oct 2008quarterly activities report● Neutral
September quarter report: Stokes Bay-1 testing set to resume October/November. Kenya L8/L9 commitment deadline is 21 January 2009, with Origin seeking drilling partners; Namibia licence conversion and Morocco award still pending, and Malta suspended. No new results.
21 Oct 2008drilling progress report● Neutral
Emerald (12.75%) repeats the operator's update: crew on site, nitrogen unit being mobilised by BJ Services to lift heavy drilling fluid from Stokes Bay-1. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Empire (14.8%) repeats that the Stokes Bay-1 test crew is on site and has started fresh water circulation and swabbing, with nitrogen equipment still to arrive. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Pancontinental (10%) confirms the Stokes Bay-1 test crew is on site and swabbing has begun, with the nitrogen unit still to arrive. No formation fluids recovered from the Nullara yet. Follows the slip from late September.
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.
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.
22 July 2008quarterly activities report● Neutral
June quarter: cash A$1.2m, 444m shares. Kenya satellite seeps and the Stokes Bay-1 gas flow were repeated. A Namibia consortium agreement was signed with Key Petroleum, Malta activity stayed suspended and Morocco had no progress. The report headed L-8/L-9 'PCL – 50%' but also said PCL kept 25% in a well.
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.
