30 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the operator's Valentine-1 report: 2,340 m, with elevated gas at about 2,250 m awaiting wireline logging. Duplicate of the operator's data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2007drilling progress report▲ Good
Pancontinental reports a gas show at about 2,250 m in Valentine-1, drilling at 2,340 m. Battrick calls it encouraging because it is not the primary target, and sees the target 4-5 days away. Significance awaits logging.
23 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the Valentine-1 report: drilling ahead at 1,566 m on 23 August with no hydrocarbon indications. Duplicate of the operator's data.
23 Aug 2007drilling progress report● Neutral
Partner FAR's update repeats Valentine-1 drilling ahead at 1,566 m and describes the Stokes Bay-1 sidetrack to follow. The rest covers FAR's separate Texas and Louisiana wells. Nothing new for Pancontinental.
23 Aug 2007drilling progress report● Neutral
Partner Empire repeats Valentine-1 at 1,566 m, saying no hydrocarbons are expected in this upper section. Restates its estimates of 1,200 BCF of recoverable gas or up to 200 million barrels of oil. Duplicate of the operator's data.
23 Aug 2007drilling progress report● Neutral
Valentine-1 is drilling ahead at 1,566 m, 11 days in, against a 3,407 m target depth and a 3,222 m main objective. Manager Battrick says the well is on trajectory and timeline, with another week or two before the target. PCL holds 10%.
23 Aug 2007drilling progress report● Neutral
Operator ARC reports Valentine-1 at 1,566 m on 23 August, 9 5/8 inch casing set at 808 m, no hydrocarbon indications. Same data as Pancontinental's report.
20 Aug 2007joint venture update● Neutral
Operator Gippsland has taken delivery of the Kenya L-6 FALCON gravity data; seismic arrives next week and drillable prospects are still due by end September. Leads cited at 1.1 billion barrels or 5 TCF; PCL holds 40%. Repeats the 17 August update.
17 Aug 2007joint venture update● Neutral
Gippsland says Kenya L-6 FALCON gravity data processing is complete and drillable prospects are now due by end September, a month later than the end-August target previously given. Leads still cited at 1.1 billion barrels or 5 TCF; the next PSC phase needs 2 wells in 4 years from October 2007.
16 Aug 2007drilling progress report● Neutral
Partner FAR's drilling update repeats Valentine-1 at 644 m with no hydrocarbon indications; the rest covers FAR's separate Texas well. Nothing new for Pancontinental.
16 Aug 2007drilling progress report● Neutral
Operator ARC's Valentine-1 report: drilling ahead at 644 m on 16 August, casing set at 112 m, no hydrocarbon indications. Same data as Pancontinental's report.
16 Aug 2007drilling progress report● Neutral
Valentine-1 drilling report: 644 m reached by 16 August with 13 3/8 inch casing set at 112 m. No hydrocarbon indications yet; target is 3,222 m to the main objective.
16 Aug 2007drilling progress report● Neutral
Partner Empire repeats the Valentine-1 report: 644 m on 16 August, casing set at 112 m, no hydrocarbon indications. Duplicate of the operator's data.
16 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the Valentine-1 report: 644 m on 16 August, casing at 112 m, no hydrocarbon indications. Duplicate of the operator's data.
13 Aug 2007drilling spud● Neutral
Partner Emerald repeats that Valentine-1 spudded 12 August 2007, drilling ahead at 115 m. Emerald says it earns 12.75% by paying 13% of costs. Re-release of the operator's news with Emerald's own commentary.
13 Aug 2007drilling spud● Neutral
Partner Empire Oil & Gas reports Valentine-1 spudded 12 August 2007, drilling ahead at 115 m. Empire cites up to 1,200 BCF gas or 200 million barrels of oil potential. Duplicate of the operator's news, with partner estimates added.
13 Aug 2007drilling spud▲ GoodMajor
Pancontinental confirms Valentine-1, the first of two Canning Basin wells, spudded 12 August 2007. The manager expects news over 7-8 weeks; the two wells could add 7 to 10 million barrels net to PCL, which holds 10% after paying 10.67% of costs.
13 Aug 2007drilling spud● Neutral
Operator ARC Energy announces Valentine-1 spudded at 12:30 on 12 August 2007, drilling ahead at 115 m. Target depth is 3,407 m; PCL holds 10% after the farm-in. Stokes Bay-1 follows by sidetrack.
13 Aug 2007drilling spud● Neutral
Partner FAR repeats the operator's announcement that Valentine-1 spudded on 12 August 2007 and is drilling ahead at 115 m. It adds Empire's potential estimates of up to 1,200 BCF gas or 200 million barrels of oil. Re-release.
2 Aug 2007drilling scheduled● Neutral
Operator ARC's rig is due on site in three weeks, with Valentine-1 (70 million barrels or 380 BCF potential) expected to spud mid-August, then Stokes Bay-1. Both wells take about 50 days; PCL pays 10.67% to lift its stake from 8% to 10%.
17 July 2007capital raising announcement▲ GoodMajor
The 22,827,248-share shortfall from the entitlement issue has been placed with institutions and other investors. This resolves the undersubscription, so the full 63,538,587 shares at 6 cents (about $3.8 million) are now placed.
What it means for a shareholder
63.5m new shares at A$0.060 to raise about A$3.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
10 July 2007capital raising announcement▼ BadMajor
The 6 cent entitlement issue that closed 2 July was undersubscribed by 22,827,248 shares. Only 40,711,339 of the 63,538,587 offered shares were taken up and allotted, so the full $3.8 million was not raised from shareholders.
12 June 2007investor presentation● Neutral
June 2007 briefing: 371 million shares (433 million after the rights issue), $24 million market cap, $1.48 million cash. Restates Canning, Baniyas, Kenya, Malta and Namibia plans; Stokes Bay stake rising from 8% to 10%. No new results.
5 June 2007capital raising announcement● Neutral
Letter to shareholders restating the entitlement issue terms: 1 for 6 at 6 cents, up to 63,538,587 shares, record date 12 June, closing 2 July 2007, not underwritten. Required listing-rule information; nothing new.
5 June 2007capital raising announcement● Neutral
Letter telling US and Canadian shareholders they will not be offered the 1-for-6, 6 cent entitlement issue, because the company judged it unreasonable under ASX rules. Compliance notice only; no change to the raising terms.
31 May 2007capital raising announcement● Neutral
Cover letter announcing the lodged prospectus for the 1-for-6 entitlement issue at 6 cents, raising about $3.8 million before expenses. Funds go to overheads, the Stokes Bay and Valentine wells, Namibia seismic data and new projects. Duplicates the prospectus.
31 May 2007capital raising announcement● NeutralMajor
Prospectus for a 1-for-6 non-renounceable entitlement issue of up to 63,538,587 shares at 6 cents to raise up to $3,812,315. It closes 2 July 2007. This is the first raising since the 14m-share November 2006 placement at 6 cents.
What it means for a shareholder
63.5m new shares at A$0.060 to raise about A$3.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
22 May 2007joint venture update▲ Good
Gippsland reports about 6,300 line km of FALCON gravity data is acquired over Kenya L-6. Drillable prospects are to be mapped by end of August. The joint venture can now move to the next PSC phase of 2 wells in 4 years if targets are found. Leads are mapped with potential for 1.1 billion barrels of oil or 5 TCF of gas.
22 May 2007joint venture update▲ Good
Pancontinental's version of the L-6 gravity survey completion: 6,273 line km acquired, with prospects to be mapped by end of August 2007 and then ranked before the drilling phase. Leads are said to hold potential for 1.1 billion barrels of oil or 5 TCF of gas.
15 May 2007director officer appointment● NeutralMajor
CEO Andrew Svalbe, a founding director and CEO for nearly nine years, retires effective 6 July 2007 and will not stand at the November 2007 AGM. Exploration Manager Matthew Battrick becomes General Manager. Barry Rushworth continues in New Ventures.