Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2007joint venture update● Neutral
Gippsland says the FALCON airborne survey over Kenya L-6 should start within a week and take about three weeks, covering over 6,000 line km. It is a scheduling update on the work that determines L-6 prospects.
29 Mar 2007joint venture update● Neutral
Pancontinental repeats Gippsland's news that the L-6 airborne gravity survey starts within a week and takes about three weeks. The CEO adds that surveys across L-6, L-8 and L-9 aim to refine 2008-2009 drilling targets.
22 Mar 2007investor presentation● Neutral
March 2007 investor update: 371 million shares, market cap $22.6 million, cash $1.7 million. Restates targets in Kenya, Malta, Canning Basin and Baniyas, and the new Namibia licence. Stokes Bay-1 is shown for late May 2007. No new results.
14 Mar 2007half year report▼ Bad
Half-year accounts to 31 December 2006 show a loss of $1,620,149 on $17,583 of interest income. The auditor's review found nothing to suggest the accounts were not fair. Note the loss differs from the $924,648 recorded for the prior-year half.
9 Mar 2007asset acquisition disposition▲ GoodMajor
Pancontinental is awarded a 100%-held, 30,000 sq km offshore Reconnaissance Licence in Namibia, 400 km south of the Angolan border. It has two years to study existing data before electing to enter a petroleum agreement. This adds a new frontier area to the portfolio.
6 Mar 2007investor presentation● Neutral
February 2007 broker briefing: 371 million shares, $24 million market cap, $1.7 million cash. Restates Kenya, Malta, Canning Basin and Baniyas plans, with Stokes Bay-1 rig mobilising late May 2007. Nothing new announced.
28 Feb 2007joint venture update▲ Good
Pancontinental's version of the L-6 update: seismic complete, gravity survey mid-March, interpretation by August 2007. CEO says about 5,000 km of new seismic across L-6, L-8 and L-9 was acquired this year at no cost to the company.
28 Feb 2007joint venture update▲ Good
Gippsland reports the 1,240 km Kenya L-6 seismic survey is finished, on time and under budget. A FALCON gravity survey starts mid-March, with interpretation by August 2007. Gippsland earns 60% for US$1.9m; Pancontinental keeps 40%.
16 Feb 2007joint venture update● Neutral
Gippsland Offshore's release: it starts about 1,200 km of 2D seismic on Kenya L-6 this week, followed by an airborne gravity survey at end of February. Interpretation is due by August 2007. Duplicates Pancontinental's own update.
16 Feb 2007joint venture update▲ Good
Pancontinental's version of the Kenya L-6 update: Gippsland starts about 1,200 km of 2D seismic this week, with a gravity survey to follow. Gippsland earns 60% for US$1.9 million, and Pancontinental keeps 40%. Interpretation completes by August 2007.
30 Jan 2007drilling result● NeutralMajor
Origin finished acquiring 3,759 km of 2D seismic over Kenya L-8/L-9, ahead of schedule, with processing due June 2007. Origin may drill one L-8 well before October 2007. The CEO calls Woodside's Pomboo-1 result 'disappointing' but says it does not undermine Pancontinental's blocks.
20 Dec 2006security holder rights change● Neutral
1,600,000 unlisted employee options with a 20 cent exercise price expired on 6 December 2006. Administrative notice with no effect on the company's cash.
20 Dec 2006drilling progress report▲ Good
Origin has started a 3,200 km 2D seismic survey over Kenya L-8 and L-9, fully funded, to define about 40 leads, with completion expected February 2007. Pancontinental holds 25%. Follows the farmout approval in September; Woodside is drilling Pomboo-1 next door.
30 Nov 2006investor presentation● Neutral
November 2006 AGM presentation: 371 million shares, market cap $29 million, cash $2.1 million. Restates Kenya seismic starting mid-December, Stokes Bay-1 planned for April 2007, and Malta seismic possibly early 2007. Nothing new announced.
14 Nov 2006farm in farm out completion● Neutral
Empire Oil & Gas, EP 104 operator, releases its own account of the same farmout completion: Phoenix, ARC and Emerald join, ARC becomes operator, and Stokes Bay-1 is planned for the 2007 dry season. Duplicates Pancontinental's 13 November announcement.
14 Nov 2006farm in farm out completion● Neutral
ARC Energy's release on the same EP 104 deal: it lifts its Point Torment interest from 8% to 32.95%, takes over as operator, and plans Stokes Bay-1 as its first well in April/May 2007. Confirms the timing for Pancontinental's 10% interest.
13 Nov 2006farm in farm out completion▲ GoodMajor
All farm-outs in Canning Basin EP 104 were completed, clearing the way for Stokes Bay-1, which tests near the 1992 Point Torment gas discovery. ARC Energy becomes operator, Pancontinental holds 10%, and Empire estimates up to 80 bcf gas and 10 million barrels of oil if the trap is full.
8 Nov 2006capital raising announcement● Neutral
Confirms the 14 million share placement at 6 cents ($840,000) is completed, with a 2.5% fee to Carmichael Capital Markets, and gives the required secondary trading notice. Administrative follow-up to the 1 November announcement.
1 Nov 2006capital raising announcement● NeutralMajor
Agreed to place 14 million shares at 6 cents to strategic investors, raising $840,000 before costs, managed by DJ Carmichael. Funds go to exploration and overheads. A second small raising after the 25 million share placement at 5.25 cents in July/August.
What it means for a shareholder
14.0m new shares at A$0.060 to raise about A$840,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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31 Oct 2006annual report● Neutral
2006 Annual Report (year to 30 June 2006). Highlights the Origin (L-8/L-9) and Gippsland (L-6) Kenya farmouts, about 200 km of new Carnarvon seismic, and Stokes Bay-1 drilling planned mid-2007. Text states an August placement raised $1,350,000. Financial statements not in the text provided.
3 Oct 2006farm in farm out completion▲ GoodMajor
Kenya approved the L8 and L9 changes on 28 September, so Origin now holds 75% and must fund at least US$4 million of seismic. Origin must decide by 14 July 2007 whether to drill. Seismic is due to start December 2006.
3 Oct 2006farm in farm out completion▲ Good
Origin's own release of the same Kenya L8 and L9 update: government deeds executed, Origin holds 75%, and it must fund at least US$4 million of seismic. Duplicates Pancontinental's announcement.
27 Sept 2006annual report● Neutral
Annual report for the year to 30 June 2006. Board is Kennedy (Chairman), Svalbe (CEO), Munachen, Cornelius and Rushworth, who joined after the August 2005 Afrex merger. Financial figures are not in the text provided.
29 Aug 2006farm in farm out agreement▲ Good
Gippsland Offshore Petroleum's release of the same L-6 farmin: it earns 60% for US$1.9 million of work, and Pancontinental keeps 40%. A duplicate of Pancontinental's own announcement, adding no new terms.
29 Aug 2006farm in farm out agreement▲ GoodMajor
Farmout of Kenya's L-6 block: Gippsland Offshore Petroleum can earn 60% by spending US$1.9 million on seismic and gravity surveys by 23 February 2007. Pancontinental keeps 40%, carried through the program. Subject to Kenyan Government approval.
8 Aug 2006capital raising announcement● Neutral
Confirms the 25 million share placement at 5.25 cents ($1,312,500), with a 6% brokerage fee, and gives the required secondary trading notice. Administrative follow-up to the 31 July announcement.
31 July 2006capital raising announcement● NeutralMajor
Placed 25 million shares at 5.25 cents to raise $1,312,500 before costs, managed by Carmichael Capital Markets. Funds go to exploration and corporate overheads. Follows cash of A$1.4 million reported at December 2005.
What it means for a shareholder
25.0m new shares at A$0.0525 to raise about A$1.3m. 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.
18 May 2006investor presentation● Neutral
May 2006 investor presentation: 342 million shares, market cap A$21.6 million, cash A$1.4 million at December 2005. Restates the Malta and Kenya farmouts and targets a share price of A$0.60 or more in 2007. Nothing new announced.
16 Mar 2006half year report● Neutral
Half-year to 31 December 2005 shows a loss of $924,648 on revenue of $39,615 (interest and other). Auditor review found no issues. No significant change in the company's state of affairs.
