Each one in plain English, with the numbers worked through for a shareholder.
8 Jan 2018drilling result▲ Good
Post-well evaluation of Tulainyo 2-7 interprets up to 56m (183 ft) of net gas pay in stacked sandstones, with porosity of 15-20% in better units. Commercial flow remains unproven until testing. Builds on the December drilling result.
18 Dec 2017drilling result▲ GoodMajor
Tulainyo 2-7 reached its planned total depth of about 5,700 feet (1,737m), with gas indicated in all primary reservoir targets. Casing is being run ahead of flow testing early next year. Gas is still unproven by testing. PCL earns an effective 13.33%.
5 Dec 2017drilling progress report● Neutral
Tulainyo 2-7 is at 3,410 feet, progressing to plan toward about 5,600 feet (1,700m). No gas results yet. PCL is earning an effective 13.33%.
27 Nov 2017drilling scheduled▲ GoodMajor
PEL 37 joint venture voted to drill the Cormorant prospect offshore Namibia, targeting spud 1 September 2018. PCL keeps an effective 20% carried through the well, estimated at US$35m. Best-estimate unrisked prospective resource is 124 MMbbl. Still needs ministry endorsement and licence renewal.
22 Nov 2017drilling spud▲ GoodMajor
Tulainyo 2-7 appraisal well has started drilling, planned to about 1,700m in under a month. It tests the gas discovery that could not be tested in 2015. PCL's net interest on completing the earn-in is 13.33%. No results yet.
16 Nov 2017drilling scheduled● Neutral
Ensign Rig 587 is mobilising to Tulainyo 2-7, with drilling to start shortly. The well is planned to about 1,700m and should take under a month. PCL's 40%-owned subsidiary is earning up to 33.33% (13.33% net).
1 Nov 2017drilling progress report● Neutral
Operator Sacgasco says Dempsey 1-15 completion work continues. Some safety-critical equipment had to be replaced after tests, and the well must be cleaned out before the lowest zone is perforated. No test results yet. PCL holds 10%.
19 Oct 2017drilling progress report● Neutral
The completion rig has arrived at Dempsey 1-15 after re-completing a nearby producing well. Testing will start from the bottom of the well; the gas meter is ready. No test results yet.
4 Oct 2017drilling progress report● Neutral
Operator is moving the drilling rig off Dempsey 1-15 and bringing in a smaller completion rig. The first perforation and flow test is expected towards the end of October 2017. Delay-type logistics only; no result.
20 Sept 2017drilling scheduled▲ Good
Permit to drill is issued and Ensign Rig 587 contracted for Tulainyo 2-7, due to spud late October 2017. All funds are already advanced to the operator. PCL is earning an effective 13.33% via Gas Fields LLC.
18 Sept 2017drilling result▲ Good
PCL relays the operator's Dempsey-1 release: well completed at 2,970m, logs confirm gas-saturated deeper zones, flow testing next. CEO says testing is essential to prove commercial rates, but the well shows signs of being the planned breakthrough. Repeats operator news.
18 Sept 2017drilling result▲ GoodMajor
Wireline logs on Dempsey 1-15 show gas-saturated sands consistent with the earlier gas shows, and a 5½-inch liner is cemented. Flow testing of multiple zones should start in 2-3 weeks; commercial flow rates are unproven. PCL holds 10%.
14 Sept 2017farm in farm out agreement▲ GoodMajor
Africa Energy Corp took a one-third stake in PCL's Namibian subsidiary, which holds the 30% of PEL 37, for US$7.7m (about A$10m). US$2.2m was received at closing 11 Sept and US$5.5m is due at the next PEL 37 well spud. PCL keeps two-thirds.
13 Sept 2017drilling progress report● Neutral
Dempsey 1-15 finished drilling at 2,970m, shallower than the earlier ~3,200m plan, after two further zones of high gas shows. The hole is being conditioned for wireline logging; results are not yet known. PCL holds 10%.
8 Sept 2017drilling progress report▲ Good
Operator reports drilling through hard siltstone into a potential sandstone reservoir with the 'most significant' gas shows so far in Dempsey 1-15, now below 2,760m. Significance still depends on wireline logs; not a quantified result. PCL holds 10%.
4 Sept 2017drilling progress report● Neutral
Operator says Dempsey 1-15 is drilling below 2,615m with more significant gas shows, about 580m from target depth, and is 9-10 days behind schedule. Farm-in funding caps are reached, so all partners including PCL (10%) now fund their share of costs. Significance awaits logs.
31 Aug 2017drilling progress report▲ Good
Dempsey 1-15 is drilling below 2,440m with further significant gas shows, about 750m from target depth. Operator cautions that which reservoir has been reached is not definitive until logging. No quantified result yet.
30 Aug 2017drilling progress report▲ Good
Partner Xstate relays Sacgasco's update that Dempsey 1-15, drilling below 2,300m, found new significant gas shows in an unexpected sandstone. Operator says logs at total depth will show what they mean. PCL holds 10%.
28 Aug 2017drilling progress report▲ Good
Dempsey 1-15 is drilling at 2,070m with multiple significant gas shows, the best over 500 times background gas. Operator says significance is unknown until logs are run at total depth. Shows are not a result.
25 Aug 2017drilling progress report● Neutral
Operator says Dempsey 1-15 has resumed drilling below the 9 5/8-inch casing at about 1,760m after pressure equipment was tested. About 1,300m remain to 3,200m target depth. No new result.
21 Aug 2017drilling result▲ GoodMajor
Logs confirm four gas-bearing sandstone zones between 1,000 and 1,560m in Dempsey 1-15, with 30-50 feet of net pay. Operator expects the gas could cover well costs. Intermediate casing set at about 1,760m. Deeper primary targets still to drill. PCL holds 10%.
21 Aug 2017drilling result▲ Good
PCL relays the operator's confirmation of four interpreted gas zones in Dempsey-1's upper targets. CEO says this supports the seismic mapping and bodes well for deeper targets. Repeats the operator release.
14 Aug 2017drilling progress report▲ Good
Operator reports Dempsey 1-15 at about 1,300m with multiple interpreted significant gas shows in the shallow producing-field sandstones. Not yet quantified; logs are due within a week. Early encouraging sign, not a result.
10 Aug 2017drilling progress report● Neutral
Dempsey 1-15 set surface casing at 552m without incident and is drilling ahead. This is a routine operational milestone with no gas result yet.
3 Aug 2017drilling progress report● Neutral
Operator reports Dempsey 1-15 started drilling on 2 August (California time) and is at 70m. PCL holds 10%. Start-up news only, no result.
3 Aug 2017drilling spud▲ GoodMajor
PCL confirms Dempsey-1 has started drilling, at 70m, towards 3,200m. It calls this the first of at least three fully funded wells in 2H 2017 and 2018. PCL holds 10%. Resolves the open spud thread; the result is still to come.
1 Aug 2017drilling spud● Neutral
Operator Sacgasco says Dempsey 1-15 is planned to spud 1 August (California time), taking 30-40 days to about 3,200m. Gross unrisked potential could exceed 1 Tcf if all stacked reservoirs hold gas. PCL holds 10%. Well records kept confidential for two years.
20 July 2017drilling progress report● Neutral
Operator Sacgasco reports the surface conductor is installed and rig mobilisation is under way for Dempsey 1-15. Spud is still on track for late July. PCL holds 10%. No new result.
17 July 2017drilling progress report● Neutral
Operator Sacgasco reports the Dempsey 1-15 drill pad is finished and the surface conductor is to be set this week. Spud remains on track for late July. PCL holds 10%. Preparation news only, no well result.
10 July 2017drilling scheduled● Neutral
Partner Xstate (10%) restates that Dempsey 1-15 will drill in late July with permits in hand. Gross cost estimate is US$4.4m. Operator estimates over 1 Tcf unrisked gross potential. Deeper targets are assessed at about 40% chance of gas. Mostly repeats known facts for PCL.
