29 Oct 2021annual report● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2021 is in the annual report (pages 37-49) and on the website. Administrative filing with no new project or financial information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2021annual report● Neutral
Full-year statutory accounts to 30 June 2021. Extract covers the directors' report only: board unchanged, and the company renamed Pancontinental Energy NL after year end. Financial figures are not in the text provided.
19 Aug 2021capital raising announcement● NeutralMajor
Placement raising $1.0m at $0.001 per share (1,037,507,325 shares) to professional investors; directors Kennedy, Rushworth and Malaxos take $120,000 subject to approval. Shares on issue rise to about 7.15bn. Refills cash of about A$395k.
What it means for a shareholder
1.04bn new shares at about A$0.001 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 July 2021investor presentation● Neutral
Presentation to the 29 July 2021 general meeting, with disclaimers and a corporate snapshot: about 6.0bn shares, 270m options, cash about A$394k, market cap A$9.0m at 0.2 cent. Text is truncated; no new project information visible.
29 Mar 2021price query● Neutral
ASX queried a significant volume increase in PCL shares on 29 March 2021. PCL replied it knew of no undisclosed information and was complying with Listing Rule 3.1, giving no explanation for the trading.
15 Mar 2021half year report● Neutral
Half-year report to 31 December 2020: loss of $438,162. Permit schedule shows PEL 87 at 75%, PEL 37 at 29%, and Cooper Basin ATP 920 at 20% and ATP 924-Ace at 25%. Board unchanged. Remaining detail is truncated.
18 Feb 2021admin correction● Neutral
Change of registered office and principal place of business to Level 2, 30 Richardson Street, West Perth. Administrative notice only.
16 Feb 2021capital raising announcement● NeutralMajor
Placement raising A$710,000 at $0.001 per share (710m shares), with directors Kennedy ($100k) and Malaxos ($10k) subscribing, subject to approval. Funds go to exploration, new ventures and working capital, replenishing cash of A$343k. Shares on issue rise to about 6.12bn.
What it means for a shareholder
710m new shares at about A$0.001 to raise about A$710,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Nov 2020investor presentation● Neutral
AGM presentation of 25 November 2020 with disclaimers and a chairman's message on the COVID-year cost cuts. The text shown is truncated and restates known projects; no new information is visible.
23 Oct 2020annual report● Neutral
2020 annual report. Chairman says costs were cut by about A$0.5m, PEL 87 (75%) is still seeking farminees, and PCL's PEL 37 interest rises from 20% to 29% after ONGC Videsh exited. Cooper Basin work delayed by weather and COVID-19.
23 Oct 2020annual report● Neutral
Appendix 4G for the year to 30 June 2020: the corporate governance statement is on pages 28-41 of the annual report and on the website. Administrative filing with no new project or financial information.
30 Sept 2020annual report● Neutral
Full-year statutory accounts to 30 June 2020. The extract shown covers only the directors' report: board unchanged, with directors' shareholdings and option expiries listed. Financial figures are not in the text provided.
28 July 2020security holder rights change● Neutral
52,390,244 options at $0.004 and 100,000,000 options at $0.005 expired unexercised. Remaining options on issue are 78,926,830 and 118,390,245 (expiring 24 July 2022) and 72,500,000 (11 December 2021), all at $0.006.
26 June 2020material agreement▲ GoodMajor
PCL settled the FAR Kenya L6 dispute by paying US$150,000 (A$218,978) against the US$567,146 claimed in the default notices. It then signs the surrender agreement to exit L6, resolving the April 2020 dispute at well under the amount claimed.
23 Apr 2020regulatory community update▼ BadMajor
FAR issued default notices claiming US$567,146 (A$903,098) over Kenya L6 cash calls, which PCL disputes and will defend. Both parties have resolved to surrender L6, ending the suspended Kenya interest. The claim is a contingent liability if it succeeds.
9 Apr 2020other▼ Bad
COVID-19 response: CEO pay and director fees cut 50%, executive director and staff salaries cut 25%, consultants suspended and discretionary spending stopped. Projects continue at minimum required work, on a reduced basis.
10 Mar 2020half year report▼ Bad
Half-year report to 31 December 2019 shows a loss of A$3,749,307. Permit schedule lists PEL 87 at 75%, PEL 37 at 20%, Kenya L6 and the earning Cooper Basin interests (20% ATP 920, 25% Ace). Board unchanged.
28 Nov 2019investor presentation● Neutral
AGM presentation sets out a 'two-pronged' strategy: large, long-lead African projects (Namibia) alongside quicker, cheaper Australian drilling (Cooper Basin). Largely restates known projects; text truncated.
26 Nov 2019regulatory community update▲ Good
Key reports ATP 920 and ATP 924 renewed for four years to 2023. This secures the Cooper Basin permits behind PCL's farm-in; the commitments include one well in ATP 920 (year 4) and, for ATP 924, one in year 1 and one in year 4.
30 Oct 2019farm in farm out completion▲ GoodMajor
Formal Meeba farm-in documents signed with Key, completing the July terms sheet: PCL gets 20% of ATP 920 (option for 15% more) and 25% of the Ace area. Meeba oil prospective resources are upgraded to 33.7 mmbbl best case across 18 prospects.
30 Oct 2019farm in farm out completion▲ Good
Key Petroleum's own release of the same Meeba farmout signing and resource upgrade (best case 33.7 mmbbl, 18 prospects), lodged on PCL's file. It duplicates PCL's announcement of the same day.
28 Oct 2019annual report● Neutral
2019 annual report. Chairman notes PEL 87 (75%) is seeking farminees, Cormorant-1 found no hydrocarbons but PCL bore no well cost, and a second US$5.5m instalment was received for the partial Namibian sale. California is being divested.
28 Oct 2019annual report● Neutral
Appendix 4G for the year to 30 June 2019: the company states its corporate governance statement is in the annual report (pages 31-43) and on its website. Administrative filing with no new project or financial information.
26 Sept 2019annual report● Neutral
Statutory accounts for the year to 30 June 2019; visible text is the directors' report only. Myers is CEO, Rushworth is now non-executive, and Begg is listed as a former director. Financial figures are not in the readable text.
2 Sept 2019investor presentation● Neutral
Conference presentation shows 5.41bn shares, 422m options, 0.2 cent share price and A$10.8m market cap. It promotes Namibia and says PCL is seeking a farm-in partner for Saturn in PEL 87. Largely repeats known facts; text truncated.
27 Aug 2019joint venture update● Neutral
Key Petroleum's Cooper Basin update, lodged on PCL's file, says PCL and Key are finalising the Meeba farmout and joint operating agreements. Rig availability exists in October-November for drilling Ace-1, and heritage clearance is being planned. Mostly about Key's own acreage.
5 Aug 2019director officer appointment● Neutral
Non-executive director John Begg, the former CEO, resigned with immediate effect, citing other commitments. He joined the board in July 2017 when PCL acquired his company's subsidiary. His exit completes the leadership change that began with his stepping down as CEO in 2018.
15 July 2019farm in farm out agreement▲ GoodMajor
PCL farms into Queensland Cooper Basin permits ATP 920 (20%, option to 35%) and the Ace area of ATP 924 (25%) from Key Petroleum, its first Australian entry since Walyering ended. It pays A$150,000 and funds 26.67% of a well capped at A$3m gross; first well possibly by October 2019.
15 July 2019farm in farm out agreement● Neutral
Key Petroleum announces a binding terms sheet under which PCL farms into Cooper Basin permits: 20% of ATP 920 (option for a further 15%) and 25% of the Ace area of ATP 924. PCL pays A$150,000 and funds 26.67% of a well capped at A$3m gross. Cover note for PCL's own announcement.
14 June 2019material agreement termination▼ BadMajor
The Walyering farm-in for a 70% operated interest in EP 447 is terminated after the 3D seismic survey was not completed by 1 June 2019 and no revised basis could be agreed. PCL exits Walyering, its last Australian asset, and says it is seeking new projects.