Each one in plain English, with the numbers worked through for a shareholder.
5 July 2017drilling scheduled▲ GoodMajor
Dempsey-1, the first Bombora well in California's Sacramento Basin, is set to start in late July with permits in place, to about 3,300m. Bombora estimates 77 Bcf best-estimate unrisked prospective gas net to its 10%. This is undiscovered potential, not a discovery.
4 July 2017farm in farm out agreement▲ GoodMajor
Operator Tullow signed a farmout of a 30% non-operated PEL 37 interest to India's ONGC Videsh, keeping 35% and operatorship. Tullow has asked PCL's consent. PCL keeps its 30% free-carried interest. CEO calls it a step toward testing the oil potential, after Tullow's earlier hesitation on drilling.
23 June 2017resource reserve update▲ GoodMajor
Bombora's internal estimate puts net prospective recoverable gas at its Tulainyo project in California between 68 Bcf (P90) and 691 Bcf (P10), with a mean of 338 Bcf. This is undiscovered, unproven potential. Magnum is to fund most of the first well.
31 Mar 2017farm in farm out agreement▼ BadMajor
The Africa Energy Corp farm-in for 10% of PEL 37 has lapsed after the parties failed to agree a restructured deal. The expected US$6.5m is lost, and PCL stays at 30%. Resolves the January restructure request.
17 Jan 2017farm in farm out agreement▼ Bad
Africa Energy Corp wants to restructure its Namibia farm-in, cutting the US$1.7m upfront payment to reflect its exposure to Tullow's disputed cash calls. PCL is confident of a sensible outcome. This puts the November deal in doubt.
30 Nov 2016farm in farm out agreement▲ GoodMajor
PCL agrees to assign 10% of its 30% in Namibia PEL 37 to Africa Energy Corp for expected US$6.5m (~A$8.5m): US$1.7m upfront on conditions, US$4.8m when the first well starts. PCL keeps a 20% free-carried interest. Conditions include partner and government consent within 90 days.
8 Apr 2016farm in farm out completion▲ GoodMajor
Tullow elects to stay in Namibia PEL 37 and is committed to drill one fully funded exploration well, subject to finding a drillable prospect, by 27 March 2017. It resolves the 31 March decision point: PCL keeps its free-carried 30%, with four prospects over 900 million barrels.
28 Sept 2015resource reserve update● NeutralMajor
Namibia PEL 37 four prospects total 915 million barrels best-estimate prospective resource (100% basis); Albatross 349 million. PCL is considering selling part of its 30% to strengthen its balance sheet and fund new ventures. Tullow's drilling option runs to 31 March 2016.
12 June 2015farm in farm out agreement● NeutralMajor
PCL agreed to extend Tullow's 'drill or withdraw' decision on Namibia EL 0037 from 11 August 2015 to 31 March 2016. Tullow has spent about US$34m; PCL stays 30% free-carried. If Tullow does not drill, its 65% reverts to PCL.
23 July 2014resource reserve update▲ GoodMajor
Early Namibia EL 0037 mapping identifies four prospects; Albatross (about 300 sq km) is estimated at 422 million barrels gross unrisked mean, 17% chance of success. Other prospects exceed 150 million barrels risked. Estimates are undiscovered and may change; final mapping due October 2014. PCL stays 30% free-carried.
17 June 2014drilling result▲ GoodMajor
After lengthy analysis, PCL says Sunbird-1 (L10A, PCL 18.75%) found a 14m gross oil column beneath a 29.6m gas column, claimed as the first oil offshore East Africa. Updates April's gas-and-liquid, unlikely-commercial result; BG is still to recommend follow-up.
28 Apr 2014drilling progress report▲ Good
The roughly 1,000 km 2D seismic survey in Namibia EL 0037 is complete, following the 3D survey. PCL stays 30% free-carried. Fast-track 3D data are expected in about 10 weeks. Neighbouring-block drilling is imminent, and other majors have entered Namibia.
14 Apr 2014drilling result● NeutralMajor
Sunbird-1 is finished and plugged, with a 43.6m gross hydrocarbon zone (27.8m net pay) and gas and liquid samples recovered. PCL (18.75%) says the discovery is unlikely to be commercial given its estimated size. Resolves the pending result, with analysis continuing.
11 Apr 2014drilling progress report▲ Good
Tullow has finished the 3,000 sq km 3D seismic survey in Namibia EL 0037 and begun about 1,000 km of 2D. PCL keeps its 30% free-carried stake. Fast-track 3D results are expected in about 10 weeks. Completes the survey started in January.
17 Mar 2014drilling result▲ GoodMajor
After media reports of a find, PCL confirms Sunbird-1 reached 2,850m and found a hydrocarbon column in the Miocene reef. Its extent, nature and commerciality are not yet known because of drilling fluid losses. Well to be plugged; fuller results due in coming weeks.
17 Feb 2014farm in farm out completion▲ Good
Kenya's ministry has approved the Milio farm-out of onshore L6. PCL stays fully carried through a work programme FAR estimates at $30m, with seismic from April 2014 and a well in H1 2015. PCL keeps 16% onshore and 40% offshore. Completes the 4 February deal.
4 Feb 2014farm in farm out agreement▲ GoodMajor
PCL signs a farm-out of onshore Kenya L6 to Milio, which funds 1,000km of 2D seismic and an onshore well, expected early 2015, to earn 60% onshore. PCL keeps 16% free-carried onshore and 40% offshore. Subject to Kenyan approval; offshore farminee still sought.
17 Jan 2014drilling progress report▲ Good
Tullow has begun the 3D seismic survey in Namibia EL 0037, about 3,000 sq km plus about 1,000 km of 2D, taking up to 120 days. PCL keeps its 30% free-carried interest. This starts the work Tullow committed to under the farm-in.
6 Jan 2014drilling spud▲ GoodMajor
Sunbird-1 has started drilling in Kenya L10A, where PCL holds 18.75%. Planned to reach 3,000m in 50-60 days, with the well to be plugged regardless of result. Results will be announced after assessment; this is the first-ever Miocene reef test offshore East Africa.
9 Dec 2013drilling scheduled▲ GoodMajor
Sunbird-1 in Kenya L10A, a first test of a Miocene reef offshore East Africa, is planned to start around 9-12 January 2014 using BG's drillship. Planned to drill to 3,000m in 50-60 days. Follows the earlier plan for an early-2014 L10 well.
18 Oct 2013farm in farm out completion▲ GoodMajor
Tullow's farm-in to Namibia EL 0037 has closed after ministerial approval. Tullow holds 65% and is operator; PCL retains a 30% free-carried interest and Paragon 5%. Tullow's spend is estimated at up to US$130m, with 3D seismic expected in 2014. Completes the September agreement.
6 Sept 2013farm in farm out agreement▲ GoodMajor
Tullow agrees to farm into Namibia EL 0037, taking 65% and operatorship. PCL keeps 30% free-carried (Paragon's 5% is included in the carry) from 95%. Tullow funds 3D and 2D seismic and, if a prospect is found, one well; PCL estimates spend up to US$130m. Subject to approval.
24 May 2013resource reserve update▲ GoodMajor
Independent firm DeGolyer and MacNaughton estimates 11 oil leads in Namibia EL 0037 at 8.7bn barrels mean prospective (8.2bn net to PCL's 95%), unrisked, with a 5% geological success chance. These are leads, not yet drillable prospects. Follows HRT's Wingat-1 oil recovery next door.
27 Feb 2013resource reserve update▲ GoodMajor
FAR's new report puts unrisked best-estimate prospective resources for Kenya L6 at about 3.7bn barrels of oil or 10.2 Tcf gas (gross). PCL's 40% share is 1.48bn barrels. Three 3D-mapped prospects total about 630m barrels, with 18-21% discovery chance. First well site to be selected.
11 Oct 2012drilling result▲ GoodMajor
Preliminary Mbawa 1 update: 51.8 net metres of gas pay at ~24% porosity, interpreted as thermogenic gas from a possible mixed gas/oil source. Well finished 13 days early, left re-enterable. Volume and commerciality are not yet known. The deeper target was not optimally tested.
12 Sept 2012drilling result▲ Good
Origin says Mbawa 1 reached total depth of 3,150m, with about 51.8 net metres of gas pay in three zones. Detailed analysis will guide future activity. Duplicates PCL's own discovery news.
12 Sept 2012drilling result● NeutralMajor
Mbawa-1 reached final depth of 3,151m with about 52m net gas pay in the primary target, but the deeper secondary target held no hydrocarbons. The well will be plugged as planned; partners will analyse data and plan next exploration. Gas, not the oil PCL hoped for.
10 Sept 2012drilling result▲ GoodMajor
Mbawa 1 found about 52 net metres of natural gas pay in Cretaceous sandstones, the first substantive hydrocarbon discovery offshore Kenya. Drilling continues to a deeper target. Size of the discovery is not yet known. Resolves the main Mbawa open thread positively.
3 Sept 2012drilling progress report● Neutral
Mbawa has reached 2,553m and elevated mud gas readings were seen between 1,998m and 2,553m. Wireline logs are being run, and the significance is not yet known. An early, unconfirmed hint ahead of the 10 September result.
27 Aug 2012drilling progress report● Neutral
Mbawa at 2,006m while a second casing string is set. The primary and main secondary targets are deeper, with planned total depth now 3,275m. No results yet.
