Each one in plain English, with the numbers worked through for a shareholder.
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 2007quarterly activities report● Neutral
December 2006 quarter cash flow: cash at quarter end was $1.711 million, up from $1.421 million after $798,000 raised from shares. Operating outflow was $505,000. Estimated spending for next quarter is $77,000. Shares on issue 370,748,330.
30 Jan 2007quarterly activities report● Neutral
December 2006 quarter: Origin began its US$4.0 million Kenya L-8/L-9 seismic on 19 December, and Kenya approved the Gippsland L-6 farmout. Malta seismic still awaits Maltese approval and Morocco awaits its licence. Baniyas prospect estimated at 34 mmboe.
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.
29 Nov 2006agm notice● Neutral
AGM results: all resolutions passed on a show of hands, including the remuneration report, election of director Munachen, option issues to the five directors, and ratification of the earlier share placement. Administrative outcome, no new business.
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.
30 Oct 2006quarterly activities report● Neutral
September 2006 quarter: Kenya endorsement of the Origin farmout received, with seismic planned for December. Gippsland's L-6 farmout awaits ministry approval. Malta seismic still awaits approval, and a $1.3 million raising was completed.
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.
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27 July 2006quarterly activities report● Neutral
June 2006 quarter: Kenyan endorsement of the Origin farmout is nearing completion, Malta seismic still awaits approval, and Baniyas seismic processing is complete. Stokes Bay No.1 appraisal well (Canning Basin, 11% equity) is planned for late 2006, subject to rig availability.
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.
28 Apr 2006quarterly activities report● Neutral
March 2006 quarter: Malta seismic by Anadarko still awaits government approval, though the Tunisia border issue is moving toward resolution. The New Zealand PEP 38716 permit (9.42%), after the Oru-1 dry hole, was surrendered. Kenya farmout awaits endorsement.
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.
27 Jan 2006quarterly activities report▲ Good
December 2005 quarter: Origin Energy signed a farmout on Kenya's L-8 and L-9 blocks, able to earn up to 75% by funding US$4.0 million of seismic and optionally drilling wells. Seismic was completed on two North West Shelf permits. Subject to Kenyan Government approval.
