24 Aug 2012drilling progress report● Neutral
Mbawa first casing is set at 1,503m and drilling has reached 2,005m, with operations on plan. No hydrocarbon results reported yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2012drilling spud▲ GoodMajor
PCL confirms Apache has begun drilling Mbawa, the first prospect in its Kenya portfolio, with casing being set at 1,519m. Well to reach 3,250m in about 60 days. PCL's 15% is free carried to US$9m; it estimates up to 4.9bn barrels of oil in place.
13 Aug 2012drilling spud▲ GoodMajor
Joint venture partner Origin says operator Apache spudded Mbawa 1 on 10 August 2012. It is expected to take about 60 days to 3,250m in 864m of water. Confirms the long-awaited Mbawa spud (PCL 15%).
12 July 2012drilling progress report● Neutral
Operator FAR announces the L6 Kifaru 3D seismic acquisition is complete, with results expected early Q1 2013. FAR says Apache will drill Mbawa in August and plans its own L6 well in mid 2013. Duplicates PCL's own announcement of the same day.
12 July 2012drilling progress report● Neutral
Kifaru 3D seismic acquisition in Kenya L6 is complete, covering 778 sq km. Data will now be processed so one or more prospects can be defined for drilling in 2013 or early 2014. Mbawa is to be drilled this quarter.
13 June 2012drilling progress report● Neutral
Kifaru 3D seismic acquisition has started in Kenya L6 (PCL 40%), covering about 680 sq km at a budgeted $13.67m (PCL share $5.5m), expected to finish early July 2012. Follows the April contract award.
22 Mar 2012drilling progress report▲ Good
Apache has finished the Nanaa 3D seismic survey, about 1,400 sq km in the southeast of Kenya L8, adding to the earlier Mbawa survey. Processing is due by end 2012; Mbawa drilling still planned during or before Q3 2012. PCL (15%) was free-carried by Tullow.
18 Jan 2012drilling progress report▲ Good
3D and 2D seismic acquisition on Kenya L10A and L10B (PCL 15% each) is complete, covering ten leads. Processing is expected by mid 2012, with mapping later in the year to define prospects before drilling. Completes the survey that began in November.
28 Nov 2011drilling scheduled● Neutral
PCL's best estimate for drilling Mbawa in Kenya L8 is during or before Q3 2012. PCL is free-carried by Tullow up to US$9m. Firms up the earlier 'first half 2012' target slightly later; no rig is confirmed in the text.
17 Nov 2011drilling progress report▲ Good
3D seismic acquisition has started on Kenya L10A and L10B (PCL 15% each, BG operator), followed by 2D in the west. Data is expected to be fully processed by mid 2012. Moves the May 2011 licence awards into the survey stage.
7 Oct 2011farm in farm out completion▲ GoodMajor
The Tullow farmout of 10% of Kenya L8 is complete after Kenyan ministerial consent. L8 is now Apache 50% (operator), Origin 20%, PCL 15%, Tullow 15%. PCL is carried through most of the Mbawa well; Apache is still sourcing a rig and no drill date is set.
15 June 2011farm in farm out completion▲ GoodMajor
Origin's own release says its sale of 50% of L8 to Apache is complete. Origin was reimbursed US$13.2m and Apache is now operator. Mbawa exploration timing is still undecided. Resolves the February Apache deal; PCL's Tullow farmout is noted as announced 1 June.
1 June 2011farm in farm out agreement▲ GoodMajor
Farmout agreement signed 31 May with Tullow, firming up the March deal: Tullow earns 10% of Kenya L8, paying US$1m and carrying PCL for a further US$9m, including Mbawa drilling. PCL retains 15%; Tullow has an option on 5% more for US$6m.
14 Mar 2011resource reserve update▲ GoodMajor
Origin's first 3D report on the Mbawa prospect estimates up to 4.9bn barrels of oil (P10, unrisked, if filled) plus a gas cap at the Tertiary-Cretaceous level, with a 2bn barrel mean. This is potential, not proven. It is based on early processing, and the oil system is unproven.
7 Mar 2011farm in farm out agreement▲ GoodMajor
Tullow agrees to take 10% of Kenya L8 from PCL, leaving PCL with 15% plus a Tullow option on a further 5%. Tullow pays US$1m for past costs and funds PCL's share up to US$9m, covering much of Mbawa drilling. Completion expected by June 2011.
16 Feb 2011farm in farm out agreement▲ Good
PCL's own release on Origin selling 50% of Kenya L8 to Apache, which becomes operator; Origin is reimbursed US$13.2m of past costs. PCL's group interest would be 25% (Afrex 15%, PCL 10%). Needs partner and Kenyan approvals; completion expected by end June.
16 Feb 2011farm in farm out agreement▲ GoodMajor
Origin agrees to sell 50% of Kenya Block L8 to Apache, which would become operator, drill Mbawa and pay part of Origin's well costs. Interests would become Apache 50%, Origin 25%, PCL group 25% (Afrex 15%, PCL 10%). Subject to partner and government approvals, completion expected by end June.
22 Oct 2010drilling scheduled● Neutral
PCL confirms the Stokes Bay-1 retest for mid-November, lasting up to 7 days. Its test interest is 13.94% versus 10% licence interest, as other partners opted out. They can back in by paying 900% of their share of costs.
22 Oct 2010drilling scheduled● Neutral
Operator Buru says Stokes Bay-1 will be retested from mid-November using nitrogen lift, taking up to 7 days. Some partners are not participating; Buru says there is a substantial probability of no hydrocarbons. Confirms the retest planned in earlier reports.
22 Oct 2010drilling scheduled● Neutral
Partner Empire Oil & Gas (via Gulliver, 20.63% in the test) releases the same Stokes Bay-1 retest details as Buru. Notes a nearby well's oil shows, and that there is a substantial chance of no hydrocarbons. Repeats known information.
10 Sept 2010drilling result▲ GoodMajor
High-quality Mbawa 3D data received; the flat spots persist and the structure is large but faulted into compartments. Volume estimates are being revised up or down from earlier figures exceeding 1bn barrels. Processing ran late, drilling is now planned for 2011, and farminees are being sought.
27 Aug 2010farm in farm out completion▼ BadMajor
PCL will not proceed with the Irriculla 2 farm-in announced 20 May, after remapping raised the prospect's risk. This ends the ATP 587P venture before any spending was reported. The CEO points to other projects with near-term activity.
20 May 2010farm in farm out agreement▲ GoodMajor
PCL agrees to farm in to ATP 587P (Cooper-Eromanga margin, Queensland) from operator DVM, earning 20% by funding up to $500,000 of the Irriculla 2 well (estimated cost $1.5m). The prospect has P50 potential of 5m barrels. Subject to authority approval.
31 Dec 2009drilling result▲ GoodMajor
Mbawa 3D seismic acquisition over 800 sq km finished on 28 December 2009, after starting 2 December. Interim results are expected in 3 to 4 months. Drilling could start in the second half of 2010 at the earliest. PCL remains free-carried at 25%.
15 June 2009resource reserve update▲ GoodMajor
Bids received for a minimum 300 sq km, US$10m 3D survey over Kenya L8 for July-November 2009, with PCL free-carried at 25%. Mbawa upgraded to P10 recoverable 3.6bn barrels oil, or 1.5bn plus 400 bcf gas, or 11 Tcf gas. Still unproven until drilled.
8 Jan 2009farm in farm out agreement▲ GoodMajor
Origin will fully fund a 3D seismic survey (minimum US$10m) over the main Kenya L8 prospects in 2009, with Pancontinental free-carried. L9 is relinquished and L8 reduced. Origin's earned interest reaches 75%, PCL keeps 25%; option to drill one well in the following year or relinquish L8.
21 Oct 2008drilling progress report● Neutral
Emerald (12.75%) repeats the operator's update: crew on site, nitrogen unit being mobilised by BJ Services to lift heavy drilling fluid from Stokes Bay-1. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Empire (14.8%) repeats that the Stokes Bay-1 test crew is on site and has started fresh water circulation and swabbing, with nitrogen equipment still to arrive. No formation fluids recovered yet. Duplicate of operator information.
21 Oct 2008drilling progress report● Neutral
Pancontinental (10%) confirms the Stokes Bay-1 test crew is on site and swabbing has begun, with the nitrogen unit still to arrive. No formation fluids recovered from the Nullara yet. Follows the slip from late September.
21 Oct 2008drilling progress report● Neutral
FAR (8%) repeats the operator's update: Stokes Bay-1 test crew on site, swabbing begun, nitrogen unit awaited. No formation fluids recovered from the Nullara yet. Duplicate of operator information.