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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2007quarterly activities report● Neutral
June 2007 quarter: back-to-back Valentine and Stokes Bay drilling slipped to early August 2007. Rights issue raised A$3.8m; Svalbe retirement and Battrick promotion noted. Origin's Kenya L-8/L-9 interpretation will take 3-4 months; Baniyas has no rig slot, estimated at 34 mmboe.
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.
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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.
27 Apr 2007quarterly activities report● Neutral
March 2007 quarter: Kenya seismic is complete in L-6, L-8 and L-9, and the Namibia licence was awarded. Valentine-1 and Stokes Bay-1 are approved for June drilling in the Canning Basin. Malta awaits government approval for Anadarko's seismic. Woodside's Pomboo-1 found no hydrocarbons and its second well is deferred.
27 Apr 2007quarterly activities report● Neutral
March 2007 quarter cash flow: cash fell from $1.711 million to $1.478 million after a $233,000 operating outflow. Next quarter's estimated spend is $84,000. Shares on issue unchanged at 370,748,330.
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.