Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2023quarterly activities report● Neutral
Appendix 5B for December 2022 quarter: operating outflow A$190k and exploration spend A$41k. Cash fell to A$1,556k from A$1,791k, which the filing puts at 7 quarters of funding. No debt.
31 Jan 2023quarterly activities report● Neutral
December 2022 quarter: PEL 87 extended to January 2024 with relinquishment waived, farmout still active, Kennedy resigned and Myers became chair. AGM resolutions all passed. Cash A$1,556k.
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.
28 Oct 2022quarterly activities report● Neutral
September 2022 quarter: PEL 87 farmout continues; PEL 37 withdrawal confirmed; Cooper Basin projects under review. Cash A$1,791k after the A$2m placement. Notes Chevron's entry into neighbouring PEL 90, which is outside PCL's own results.
28 Oct 2022quarterly activities report▲ Good
Appendix 5B for September 2022 quarter: operating outflow A$236k and exploration spend A$113k. Cash rose to A$1,791k from A$274k after the A$2.0m placement (A$134k costs), and the filing shows 5 quarters of funding. No debt.
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.
29 July 2022quarterly activities report● Neutral
June 2022 quarter: PEL 87 farmout continues and the one-year licence extension was received. PEL 37 extension is still stalled. Cash A$274k, with the A$2m placement made after quarter end. Issued shares 7,554 million.
29 July 2022quarterly activities report▼ Bad
Appendix 5B for June 2022 quarter: operating outflow A$235k and exploration spend A$137k. Cash fell to A$274k from A$641k, with the filing showing zero quarters of funding. The A$2m placement came after quarter end. No debt.
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.
Create a free account to see this worked out for your own holding.
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.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarter: four major companies are in the PEL 87 farmout data room after the Graff-1 and Venus-1X discoveries. PEL 37 extension is stalled because the remaining partner will not agree a way forward. Cash A$641k.
29 Apr 2022quarterly activities report▼ Bad
Appendix 5B for March 2022 quarter: operating outflow A$167k, exploration spend A$115k. Cash fell to A$641k from A$926k, which the filing puts at about 2 quarters of funding. No debt.
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.
