Each one in plain English, with the numbers worked through for a shareholder.
19 May 2023capital raising announcement● Neutral
Option prospectus for the free attaching options from the May placement: up to 250m to unrelated investors and 2m to directors, conditional on shareholder approval. No funds are raised. It exists so shares from option exercise can be on-sold freely.
15 May 2023capital raising announcement▲ GoodMajor
Raising up to A$5m by placing 500m shares at $0.01 (9.1% discount), with one free option per two shares exercisable at $0.012 by 8 August 2025. Euroz Hartleys is lead manager at 6%. Iain Smith joins as board adviser; Woodside has enlarged the survey to 7,200 sq km.
What it means for a shareholder
500m new shares at A$0.010 to raise about A$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 Apr 2023drilling progress report▲ Good
The 6,872 sq km PEL 87 3D survey is over 50% acquired and on schedule to finish early June. Fast-track processed results are now expected before end August 2023, with full processing taking a few more months. No new result yet.
14 Mar 2023half year report● Neutral
Half-year accounts to 31 December 2022 show an operating loss of $984,870 on expenses of $971,481. The report notes the post-period Woodside option on PEL 87 and lists the board with Myers as Executive Chairman. Text is truncated, so no cash detail is visible.
6 Mar 2023drilling progress report▲ GoodMajor
Pancontinental began the 3D seismic survey over PEL 87's Saturn complex, about 6,800 sq km, run by PGS's Ramform Titan and funded by Woodside under the 1 March option deed. It takes about three months, with fast-track results expected around end-June.
2 Mar 2023farm in farm out agreement● Neutral
Amended re-release of the Woodside PEL 87 option announcement, with the same terms. Wording is softened to a future election, and the Custos 1% option is stated as exercisable in a similar timeframe to Woodside's. Seismic start moves to later in March.
1 Mar 2023farm in farm out agreement▲ GoodMajor
Woodside signed an option deed on PEL 87: it funds a roughly US$35m, 5,000+ sq km 3D survey and pays PCL US$1.5m for the right to take 56% and operatorship. PCL would keep 20%, carried through the first well. This is the first farmout deal for PEL 87.
5 Dec 2022regulatory community update▲ GoodMajor
Namibia's Minister granted a second one-year extension of PEL 87's initial period to 23 January 2024 and waived the 50% relinquishment, keeping the area at 10,970 sq km. A 3D seismic survey is in final planning. Farmout talks continue.
1 Dec 2022director officer appointment● NeutralMajor
Chair Dave Kennedy, a director for 23 years, stepped down with immediate effect and will act as an adviser. CEO Ernie Myers becomes Chairman, so the board loses its non-executive chair, which is an inference from the existing board list.
30 Nov 2022investor presentation● Neutral
November 2022 AGM briefing restating the PEL 87 Saturn story and Cooper Basin interests. Shows 7.55bn shares, 299.99m options and cash of A$1.6m. No new announcements are visible in the truncated text.
28 Oct 2022other● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2022 is in the annual report and on the website. Administrative, with no new information.
28 Oct 2022annual report● Neutral
2022 annual report. The chairman confirms the decision to drop PEL 37 and focus on PEL 87, where farmout continues with interest from majors. Text is truncated, so no financial figures are visible.
30 Sept 2022annual report● Neutral
Full-year statutory accounts for the year to 30 June 2022. Text is truncated to the directors' report and board details, so no financial figures are visible. Board unchanged since Malaxos's February 2022 resignation; the company's activity remains exploration.
9 Sept 2022asset acquisition disposition▼ BadMajor
PCL's 66.67%-owned Pancontinental Namibia is withdrawing from seeking an extension to PEL 37, held since March 2011, after failing to agree a way forward with the remaining partner. It will consider a bid for a new longer licence. PEL 87 remains the key focus.
29 Aug 2022auditor change● Neutral
The firm trading as Rothsay Auditing resigned with ASIC's consent, and Rothsay Audit & Assurance Pty Ltd was appointed auditor from 29 August 2022. Administrative change, to be put to shareholders at the next AGM.
10 Aug 2022security holder rights change● Neutral
Top 20 holder list and distribution schedule for the options issued 8 August 2022. The tables are not readable in the text. Administrative, with no new information.
29 July 2022capital raising announcement● Neutral
Option prospectus offering 299,999,998 options at $0.012 for three years: 199,999,998 to placement investors and 100,000,000 to lead manager Euroz Hartleys. It raises no funds and completes the July placement's attaching-option terms.
25 July 2022security holder rights change● Neutral
The remaining 78,926,830 unlisted options at $0.006 expired, so PCL has no options on issue. This closes the option overhang noted earlier. Administrative; new placement options are still to be issued.
8 July 2022capital raising announcement● NeutralMajor
PCL raised A$2.0m through a placement of up to 400m shares at $0.005, a 16.7% discount to the last price, with one free option per two shares (exercisable at $0.012, three years). Funds go to Namibia exploration, farmout work and working capital, after cash fell to A$274k at June.
What it means for a shareholder
400m new shares at A$0.005 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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14 June 2022regulatory community update▲ GoodMajor
Namibia's Minister and PEL 87 partners signed the deed extending the initial exploration period by one year to 23 January 2023, completing the documentation pending since February. Three further two-year periods remain possible. PCL keeps its 75% and is still negotiating a farmout.
16 Mar 2022half year report● Neutral
Half-year report to 31 December 2021. Text is truncated, so no financial figures are visible. Permit schedule notes PEL 87 extended to 23 January 2023 (Deed of Amendment lodged) and PEL 37 still awaiting ministerial approval of an extension. Malaxos's February resignation is noted.
25 Feb 2022drilling result▲ GoodMajor
TotalEnergies announced a light oil discovery at Venus-1X, with about 84m net pay, to 6,296m depth. Second discovery on-trend to PEL 87 after Graff-1; Shell is drilling appraisal well Graff-2. PEL 87's first period also extended one year, pending documentation. PCL holds 75%.
21 Feb 2022director officer appointment● Neutral
Independent non-executive director Marie Malaxos resigned effective immediately; she joined the board in 2017. Board is now Kennedy, Myers, Petrovic and Rushworth, leaving one fewer independent director.
10 Feb 2022admin correction▼ Bad
PCL withdrew the 200 million barrel minimum economic field size statement from its 7 February release, as it may not comply with ASX Listing Rules guidance note 32. Corrects the earlier announcement; no other change.
7 Feb 2022drilling result▲ GoodMajor
Shell's Graff-1 well, on-trend to PEL 87, has hit light oil, reported as the first oil discovery declared offshore Namibia. Well drilled to 5,376m. Positive read-across for PCL's 75% Saturn play, though no PCL well; Venus-1 still drilling. Contains a field-size claim later withdrawn.
24 Dec 2021security holder rights change● Neutral
72,500,000 unlisted options at $0.006 expired and 118,390,245 at $0.006 were cancelled. 78,926,830 options at $0.006 remain, expiring 24 July 2022. Administrative; reduces potential dilution.
14 Dec 2021drilling spud● Neutral
Shell has started the Graff-1 well, so two major wells are now drilling on-trend to PEL 87 alongside Total's Venus-1. PCL says Saturn is geologically similar. No results yet.
3 Dec 2021drilling spud▲ GoodMajor
TotalEnergies has started drilling Venus-1 in 3,000m of water, about 130km south of PEL 87, after repeated delays. PCL says its Saturn complex is geologically similar. Shell's Graff-1 is expected to follow. Result will be an important read-across for PCL's 75% PEL 87.
29 Nov 2021investor presentation● Neutral
AGM presentation with disclaimers and a corporate snapshot: 7,034 million shares, 270 million options, share price 0.1 cent. Text is truncated; no new project information visible.
29 Oct 2021annual report● Neutral
2021 annual report. Corporate costs fell $212,845 this year, with total COVID-era savings of $762,329. TotalEnergies' Venus-1 is scheduled for late 2021; PEL 87 farmout continues; PEL 37 two-year extension applied for.
