Each one in plain English, with the numbers worked through for a shareholder.
31 July 2020quarterly activities report● Neutral
June 2020 quarter: cash fell to A$587k from A$1.2m, with monthly running spend cut to about A$40-85k. Kenya L6 exited after the FAR settlement. After quarter end, PCL's Namibian subsidiary lifted its PEL 37 interest from 30% to 42.85% (66.66% PCL-owned). PEL 87 farmout continues.
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.
29 Apr 2020quarterly activities report▼ Bad
March 2020 quarter: cash fell to A$1.2m from A$1.4m. PEL 87 farmout interest was dampened by COVID-19 spending limits, and PEL 37 met its commitments and entered its one-year extension. Cooper Basin operations delayed by COVID-19 restrictions.
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.
31 Jan 2020quarterly activities report● Neutral
December 2019 quarter: cash A$1.4m. PEL 37 granted a one-year licence extension, and ATPs 920/924 confirmed renewed to 2023. PEL 87 farmout still on offer, with three wells planned in adjacent Orange Basin blocks within 12-18 months.
28 Nov 2019agm notice● Neutral
Chairman's AGM address: Cooper Basin drilling now planned for 2020 (previously targeted Oct-Nov 2019), PEL 87 farmout efforts continue, and the company is debt-free with A$1.6m available. Nothing materially new.
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.
30 Oct 2019quarterly activities report● Neutral
September 2019 quarter: cash fell to A$1.4m from A$2.0m. PEL 87 farminee search continues, PEL 37 work commitments are met to March 2020, and Cooper Basin drilling is due 'in the near term'. Nothing new on Namibia.
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.
31 July 2019quarterly activities report● Neutral
June 2019 quarter: cash A$2.0m. Focus is finding a PEL 87 farminee. PEL 37 work commitments are met to March 2020. The Cooper Basin farm-in was signed after quarter end, with drilling expected in Q4 2019, and the Walyering farm-in was terminated.
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.
30 Apr 2019quarterly activities report● Neutral
March 2019 quarter: cash fell to A$2.5m after the A$1.6m note repayment. Cormorant-1 is still in post-well assessment and PEL 87 work continues. Walyering 3D still lacks overall approval, awaiting DMIRS. Total plans the Venus-1 well near PEL 87 in Q3 2019.
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.
30 Jan 2019quarterly activities report● Neutral
December 2018 quarter: PEL 87 farm-out search continues for an accelerated 3D seismic and drilling programme, with Saturn Superfan at 1.3bn bbl unchanged. Cash was A$4.8m. Ernie Myers became CEO in November; Rushworth is Technical Director. Bombora sale to Raven described as completing the California exit.
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.
