Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2019debt financing▲ Good
PCL repaid its A$1.6m convertible notes, with accrued interest, in cash at maturity and is released from all obligations. This closes the open note-repayment thread and removes the potential share dilution from the notes.
13 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 lists the permit schedule: PEL 37 at 20%, PEL 87 at 75%, Kenya L6 at 40% offshore and 16% onshore, and Walyering 70% (earning). Visible text is directors' details only; financial figures are not readable.
13 Dec 2018investor presentation● Neutral
Prospex London presentation on PEL 87 promotes the Saturn lead, says 3D seismic over it is needed, and offers a farm-out covering about 5,000 sq km of 3D and drilling. It repeats previously announced resource estimates.
30 Nov 2018investor presentation● Neutral
AGM presentation shows 5.41bn shares, share price 0.2 cents, market cap A$10.8m, cash about A$5m and A$1.6m convertible notes. It promotes PEL 87 farm-out and Walyering. Mostly repeats known facts; Kenya L6 is described as suspended.
1 Nov 2018asset acquisition disposition● Neutral
PCL lodges Raven's announcement that it is buying PCL's Bombora subsidiary (10% of Dempsey) for 295m Raven shares. This is a cover note, repeating the Raven announcement with nothing new.
1 Nov 2018asset acquisition disposition● NeutralMajor
Raven Energy will buy all of PCL's Bombora subsidiary, which holds the 10% Dempsey interest, for 295m Raven shares at A$0.0018. PCL will also subscribe 160m Raven shares at A$0.001. Begg is to become a Raven adviser.
30 Oct 2018annual report● Neutral
Administrative corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on pages 35-48 and the website. No new business information.
30 Oct 2018annual report● Neutral
The 2018 annual report restates the year's highlights: three wells, about A$10m from the partial PEL 37 sale, PEL 87 won, and Walyering permitting progress. It describes Dempsey and Tulainyo as technically encouraging but not commercial. Text truncated.
17 Oct 2018director officer appointment● NeutralMajor
CEO John Begg steps down on 15 November 2018 for personal reasons, staying as a director and consultant; director Ernie Myers takes over management. PCL cites over $6.6m cash net of convertible note repayments at 30 September and plans a Californian rationalisation.
28 Sept 2018annual report● Neutral
Statutory accounts for the year to 30 June 2018 were lodged; the visible text is only the directors' report listing board members and their roles, including Petrovic's 5 September 2018 reappointment. Financial figures are not in the readable text.
27 Sept 2018listing compliance notice▼ Bad
PCL answers an ASX aware query on the Cormorant-1 result timing, saying it learned of it after market close on 20 September and halted trading. The query also covers CEO Begg's 18 September option exercise and sale of 61m shares; PCL says the chair approved it. Text truncated.
24 Sept 2018drilling result▼ BadMajor
Cormorant-1 in PEL 37 reached 3,855 m and will be plugged and abandoned as a dry hole: the ~50 m sandy target fan was water-wet. Gas shows suggest an active source system, and PCL says other PEL 37 and PEL 87 plays remain valid.
19 Sept 2018capital raising announcement● Neutral
Administrative notice that PCL issued 144,926,830 shares on exercise of options. No further detail beyond the compliance statement.
13 Sept 2018investor presentation● Neutral
Sacgasco's Good Oil Conference presentation covers its Sacramento Basin gas strategy, Dempsey results, the Anzus prospect and Alvares re-entry. It is a repeat of known operator material; no new PCL information. Text truncated.
12 Sept 2018investor presentation● Neutral
CEO Begg's Good Oil Conference presentation says Cormorant-1 is drilling and PEL 87 is being prepared for farm-out. It cites cash of A$7.8m, share price A$0.009 and A$1.6m convertible notes. Mostly repeats known facts. Text truncated.
11 Sept 2018resource reserve update▲ GoodMajor
Independent experts put gross best-estimate prospective resources in PEL 87 (PCL 75%, operator) at over 1 billion barrels, led by a 1.3 billion barrel 'Saturn Superfan' lead. These are undrilled leads, and 3D seismic is needed to mature them.
6 Sept 2018capital raising announcement▲ GoodMajor
PCL received the final US$5.5m (about A$7.6m) from Africa Energy after the Cormorant-1 spud, completing its US$7.7m investment. Africa Energy holds 33.33% of Pancontinental Namibia, PCL 66.67%. This resolves the open spud payment.
5 Sept 2018director officer appointment● Neutral
Company Secretary and accountant Vesna Petrovic, with PCL since 2008, joins the board as Executive Director. She is also alternate director for Chairman David Kennedy.
4 Sept 2018drilling spud▲ GoodMajor
Cormorant-1 has spudded in PEL 37, targeting 124 MMbbl best-estimate prospective resources (915 MMbbl across four prospects), in 545 m of water to 3,830 m, about 34 days. PCL's 20% is carried, and the US$5.5m Africa Energy payment is now triggered.
3 Sept 2018material agreement▼ BadMajor
The Tulainyo operator now claims Gas Fields (sold by PCL to Raven) owes US$1.74m, up from US$321k, and may look to PCL's subsidiary Bombora as guarantor. Bombora denies liability. PCL says it has no liability itself; Bombora's assets at risk are its Dempsey/Alvares and EP447 interests.
3 Sept 2018drilling progress report▲ Good
The Poseidon drillship reached the Cormorant-1 site in PEL 37, with drilling due to begin 3 or 4 September. PCL's effective 20% is carried, and US$5.5m (A$7.5m) from Africa Energy is payable when drilling starts.
3 Sept 2018material agreement▼ Bad
Raven Energy responds to PCL's notice of the Tulainyo operator's US$1.74m claim, repeating that Bombora denies liability. Raven says only US$321,353 was owed before the claim and is talking with PCL and the operator. Largely repeats PCL's announcement.
30 Aug 2018production update● Neutral
PCL re-releases Sacgasco's 29 August Alvares and Dempsey update (Alvares re-entry early next quarter; Dempsey temporarily shut in to clear water). No new PCL information; repeats the operator announcement already covered.
30 Aug 2018production update● Neutral
Operator Sacgasco says Alvares 1 re-entry is planned for early next quarter, with regulatory approval obtained. Dempsey 1-15 gas sales are temporarily shut in to clear accumulated water. PCL holds 10% of Dempsey and is earning 15% of Alvares.
20 Aug 2018investor presentation▲ Good
PCL says ExxonMobil has farmed into a second Namibian block (PEL 44) near PEL 37, ahead of Cormorant-1 drilling in September. It also flags a PEL 87 resource estimate in September and A$7.3m due from Africa Energy at spud. Mostly repeats known points.
14 Aug 2018investor presentation● Neutral
August presentation repeats known points: Cormorant-1 spud in September, PCL carried for 20%, A$7.3m due at spud, 124 MMbbl prospect, and PEL 87 75% interest. Cites cash and credits of over A$8m including the spud payment. No new information. Text truncated.
18 July 2018drilling scheduled▲ Good
Namibian Minister and PEL 37 partners toured the Poseidon drillship; Cormorant-1 stays on track for September 2018. PCL is carried for its 20% and gets A$7.3m from Africa Energy at spud. Mostly repeats known facts.
18 July 2018production update▲ GoodMajor
Operator Sacgasco said Dempsey 1-15 was again selling pipeline-quality gas from all four production zones at a combined ~1,300 mcf per day. Pancontinental holds a 10% interest; more idle wells are to be connected.
5 July 2018asset acquisition disposition● Neutral
Raven Energy announces it is buying PCL's 40% of Gasfields LLC, the Tulainyo farm-in vehicle, mirroring PCL's 29 June sale. Raven says it has about A$2,400 cash, so it must raise funds for the sale's cash terms and Tulainyo costs.
29 June 2018asset acquisition disposition● NeutralMajor
PCL sells its 40% of Gas Fields LLC (Tulainyo) to Raven Energy for A$300k cash plus A$1m of Raven shares, plus milestone payments of A$0.5m, A$5m or A$10m if gas is proven within 3 years. This follows the disappointing Tulainyo testing; Begg will consult for Raven.
