27 June 2018other● Neutral
PCL notes CEO John Begg gave an audio interview to Finance News Network, available on its website. No new information in the announcement itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2018regulatory community update▲ Good
PCL reports early mapping of large oil-prone turbidite fairways in PEL 87 (PCL 75%, operator), with one anticline possibly over 600 km². These are mapped leads, not drilled prospects; 3D and 2D seismic is planned next.
13 June 2018drilling scheduled▲ Good
Drillship Ocean Rig Poseidon is in Namibia and Cormorant-1 (PEL 37) is on track for September 2018, about 34 days to reach depth. PCL is carried for its effective 20% and gets A$7.3m from Africa Energy at spud.
7 June 2018well test result▼ BadMajor
Tulainyo 2-7 shallow testing has ended without commercial gas and the well is being suspended. PCL says pre-drill resources are downgraded on a risked basis. Studies, about 2 months, will weigh deepening for oil or condensate; no further operations before later 2018.
23 May 2018production update▲ Good
PCL re-releases Sacgasco's news that Dempsey 1-15 will shortly sell about 1,200 mcf/d of gas, with CEO comment on scope for more production. Largely repeats Sacgasco's 23 May release already covered; PCL holds 10% of Dempsey.
23 May 2018production update▲ GoodMajor
Sacgasco says Dempsey 1-15 will shortly produce about 1,200 mcf/d combined from the Kione field level and Zones 2-4. Zone 4 added little. Alvares re-entry is planned next quarter. PCL holds 10% of Dempsey.
16 May 2018resource reserve update▲ Good
Farm-in partner UIL Energy repeats the Walyering upgrade: gross best-estimate 63 Bcf of gas (10 to 226 Bcf range) plus 1.2 MMbbl condensate. The 3D survey is planned for November 2018. Mirrors PCL's own announcement.
16 May 2018resource reserve update▲ GoodMajor
PCL reports upgraded prospective resources for Walyering gas field in the Perth Basin, where it is earning 70%: net 14 to 158 Bcf of gas (P90 to P10). A roughly 90 km² 3D survey costing under A$2m is planned for November, with a possible well in 2019.
7 May 2018well test result▲ GoodMajor
Sacgasco reports Dempsey 1-15 flowed 1,000 mcf/d from the shallower field-level Kione sandstone, which it calls commercial. This is far above the earlier 140-195 mcf/d from deeper zones. Zone 4 testing is next; PCL holds 10%.
7 May 2018well test result▲ Good
PCL re-releases Sacgasco's 1,000 mcf/d Kione result at Dempsey, adding CEO comment calling it a good flow rate with more zones still to test. Otherwise duplicates the operator release.
16 Apr 2018well test result● Neutral
PCL re-releases Sacgasco's announcement of 195 mcf/d from Dempsey Zone 3. Duplicate of the operator release, with no new content from PCL.
16 Apr 2018well test result● Neutral
Operator Sacgasco reports Dempsey 1-15 Zone 3 flowed clean gas at 195 mcf/d with no water. Testing moves to shallower Zone 4. A modest rate, in line with Zone 2's earlier 140 mcf/d; PCL holds 10%.
16 Apr 2018well test result▼ BadMajor
Tulainyo 2-7 testing across zones from 5,710 to 3,600 ft shows good-quality gas but only low, unmeasured rates, possibly due to near-wellbore damage. Pressure data due in weeks; deepening or further drilling is floated. Falls short of the commercial flow hoped for.
21 Mar 2018capital raising announcement● NeutralMajor
PCL raises A$1.6m through unlisted convertible notes, converting at A$0.008 (a 33% premium to the 30-day average of A$0.006), 10% interest, 12-month maturity. Funds go to Dempsey and Tulainyo testing, PEL 87, Walyering. Next big inflow is about A$7m at Cormorant-1 spud.
15 Mar 2018half year report● Neutral
Half-year report to 31 Dec 2017 lists interests: PEL 37 20%, PEL 87 75%, Dempsey 10%, Tulainyo 13.33% (earning), Alvares 15% (earning), Kenya L6 40% offshore, and Walyering 70% (earning). Walyering is a new permit entry. Financial statements truncated.
14 Mar 2018other● Neutral
PCL notes that its CEO gave an audio interview to Finance News Network, available on the company website. No new information in the announcement itself.
12 Mar 2018drilling progress report● Neutral
Sacgasco is rigging up to test Dempsey Zone 3, which will run alongside the producing Zone 2. No results yet. PCL holds 10%.
8 Mar 2018contract award▲ GoodMajor
The PEL 37 joint venture has contracted the Ocean Rig Poseidon to drill Cormorant-1, targeting spud on 1 September 2018. Ministry permission to enter the next licence period is granted, resolving that open condition. PCL stays carried at 20% and receives about A$7m from Africa Energy at spud.
8 Mar 2018drilling scheduled● Neutral
Sacgasco will resume Dempsey 1-15 testing this month, moving up to Zone 3, over 400 gross feet, which it estimates has better porosity than Zone 2. Stimulation is deferred to later if needed. A change of testing plan; PCL holds 10%.
22 Feb 2018drilling scheduled● Neutral
Test equipment is on site at Tulainyo and flow testing is expected to start within a week. Two tests are planned over about a month. The aim is to prove the sands can flow at commercial rates.
5 Feb 2018regulatory community update▲ Good
ExxonMobil is farming into PEL 82 for 40%, a licence next to PCL's PEL 37, per a Galp release. PCL presents this as industry validation of its Namibian acreage. It changes nothing in PCL's own interests.
17 Jan 2018production update▲ Good
Operator Sacgasco says Dempsey 1-15 gas sales have started at about 140 mcf/day of high-quality dry gas. Stimulation permitting is progressing, with field work expected in the first quarter of 2018. PCL holds 10%.
17 Jan 2018production update▲ Good
PCL re-releases the operator's announcement that Dempsey 1-15 is selling gas at about 140 mcf/day, with the CEO expecting stimulation to improve the zone's productivity. Duplicate of the Sacgasco release.
11 Jan 2018investor presentation● Neutral
January 2018 update presentation recaps the past six months: the California wells, Africa Energy funding, Cormorant drilling and Block 2713. It shows cash of $8.6m and no debt. Largely repeats known facts.
8 Jan 2018drilling result▲ Good
Post-well evaluation of Tulainyo 2-7 interprets up to 56m (183 ft) of net gas pay in stacked sandstones, with porosity of 15-20% in better units. Commercial flow remains unproven until testing. Builds on the December drilling result.
18 Dec 2017drilling result▲ GoodMajor
Tulainyo 2-7 reached its planned total depth of about 5,700 feet (1,737m), with gas indicated in all primary reservoir targets. Casing is being run ahead of flow testing early next year. Gas is still unproven by testing. PCL earns an effective 13.33%.
8 Dec 2017flow test result● Neutral
Operator Sacgasco says the second Dempsey 1-15 zone flowed about 140 mcf/d with no water, then shut-in pressure rose above 6,000 psi. Low permeability means fracture stimulation is planned. The well goes on sales meanwhile. This gives the first flow rate; PCL holds 10%.
5 Dec 2017drilling progress report● Neutral
Tulainyo 2-7 is at 3,410 feet, progressing to plan toward about 5,600 feet (1,700m). No gas results yet. PCL is earning an effective 13.33%.
4 Dec 2017asset acquisition disposition▲ GoodMajor
PCL signed a Petroleum Agreement for Block 2713 in the Orange Basin offshore Namibia, covering 10,947 km². PCL is operator with 75%; Custos holds 15% and Namcor 10%, both carried through exploration. It is PCL's second Namibian block. The licence is still to be issued.
4 Dec 2017flow test result▲ Good
Second Dempsey 1-15 zone flowed dry gas with no water and shut-in pressure above 6,000 psi. No flow rates are given yet. The first zone's gas is pipeline quality. Operator is also planning an Alvares re-entry. PCL holds 10%.