Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2017investor presentation● Neutral
Operations update: Dempsey-1 drilling, Tulainyo-2 now funded and due to spud October 2017, and PEL 37 30% free-carried. PCL says it is funded for three wells. Mostly restates known facts; Tulainyo-2 spud timing is the new detail.
10 Aug 2017drilling progress report● Neutral
Dempsey 1-15 set surface casing at 552m without incident and is drilling ahead. This is a routine operational milestone with no gas result yet.
3 Aug 2017drilling progress report● Neutral
Operator reports Dempsey 1-15 started drilling on 2 August (California time) and is at 70m. PCL holds 10%. Start-up news only, no result.
3 Aug 2017drilling spud▲ GoodMajor
PCL confirms Dempsey-1 has started drilling, at 70m, towards 3,200m. It calls this the first of at least three fully funded wells in 2H 2017 and 2018. PCL holds 10%. Resolves the open spud thread; the result is still to come.
1 Aug 2017drilling spud● Neutral
Operator Sacgasco says Dempsey 1-15 is planned to spud 1 August (California time), taking 30-40 days to about 3,200m. Gross unrisked potential could exceed 1 Tcf if all stacked reservoirs hold gas. PCL holds 10%. Well records kept confidential for two years.
31 July 2017director officer appointment● Neutral
CFO and Company Secretary Vesna Petrovic was appointed alternate director for chair Dave Kennedy. Administrative board change; no effect on strategy or funding.
20 July 2017drilling progress report● Neutral
Operator Sacgasco reports the surface conductor is installed and rig mobilisation is under way for Dempsey 1-15. Spud is still on track for late July. PCL holds 10%. No new result.
18 July 2017capital raising announcement● Neutral
Administrative notice under s708A that PCL issued 1,000,000,000 shares at $0.002 each, raising $2,000,000 before costs, so they can be freely traded. Confirms the placement announced earlier; adds no new information.
What it means for a shareholder
1.00bn new shares at A$0.002 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.
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17 July 2017capital raising announcement▲ GoodMajor
PCL confirms the $2m placement has been received, with shares allotted next day. It says it has earned 10% of Dempsey and is funded for the well, due to spud end July. It exercised an option for a further 5% of Alvares, with cost capped near US$200,000.
17 July 2017admin correction● Neutral
Amended re-release of the 17 July funding and Dempsey/Alvares update, with the same content and only layout changes. No new information.
17 July 2017drilling progress report● Neutral
Operator Sacgasco reports the Dempsey 1-15 drill pad is finished and the surface conductor is to be set this week. Spud remains on track for late July. PCL holds 10%. Preparation news only, no well result.
17 July 2017admin correction● Neutral
Pancontinental confirmed it had received the $2 million raising, with shares to be allotted the next day. It said it had earned 10% of Dempsey and was fully funded for the well due to spud late July, and Bombora had exercised its option for a further 5% of Alvares.
12 July 2017business combination▲ GoodMajor
The Bombora acquisition completed after shareholder approval; PCL now owns 100% of Bombora. John Begg becomes CEO, replacing Barry Rushworth, and Dave Kennedy replaces John Leach as chair. Rushworth and Myers stay as non-executives; Petrovic becomes CFO. Resolves the open acquisition vote.
10 July 2017contract award▲ Good
Operator Sacgasco signed Paul Graham Rig 9 to drill Dempsey 1-15, planned to 3,200m, with spud on track for late July. Bombora, being acquired by PCL, holds 10%. Other partners hold Sacgasco 50%, Empyrean 30%, Xstate 10%.
10 July 2017capital raising announcement● NeutralMajor
PCL has commitments for a placement of up to $2m, issuing up to 1 billion shares at 0.2c, through Hartleys. It funds Dempsey-1 and working capital, subject to the Bombora completion and shareholder approval. Settlement is scheduled for 17 July. Dilutive: it is the same price as April's raising.
What it means for a shareholder
1.00bn new shares at A$0.002 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.
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10 July 2017drilling scheduled● Neutral
Partner Xstate (10%) restates that Dempsey 1-15 will drill in late July with permits in hand. Gross cost estimate is US$4.4m. Operator estimates over 1 Tcf unrisked gross potential. Deeper targets are assessed at about 40% chance of gas. Mostly repeats known facts for PCL.
5 July 2017drilling scheduled▲ GoodMajor
Dempsey-1, the first Bombora well in California's Sacramento Basin, is set to start in late July with permits in place, to about 3,300m. Bombora estimates 77 Bcf best-estimate unrisked prospective gas net to its 10%. This is undiscovered potential, not a discovery.
4 July 2017farm in farm out agreement▲ GoodMajor
Operator Tullow signed a farmout of a 30% non-operated PEL 37 interest to India's ONGC Videsh, keeping 35% and operatorship. Tullow has asked PCL's consent. PCL keeps its 30% free-carried interest. CEO calls it a step toward testing the oil potential, after Tullow's earlier hesitation on drilling.
28 June 2017investor presentation● Neutral
June 2017 presentation on the Bombora acquisition and 2017 drilling. It repeats known facts: completion needs the 10 July shareholder vote and binding commitments for at least $550,000 of the capital raising. No new results.
23 June 2017resource reserve update▲ GoodMajor
Bombora's internal estimate puts net prospective recoverable gas at its Tulainyo project in California between 68 Bcf (P90) and 691 Bcf (P10), with a mean of 338 Bcf. This is undiscovered, unproven potential. Magnum is to fund most of the first well.
22 June 2017business combination● NeutralMajor
Prospectus offering up to 1,753,211,226 shares to Bombora's vendors as payment for the acquisition. Shareholder meeting is 10 July and completion is expected 12 July 2017. John Begg and Marie Malaxos are proposed as directors. This would roughly double the share count (inference).
7 June 2017business combination▲ GoodMajor
PCL signs a binding agreement to acquire Bombora Natural Energy, a private explorer with gas projects in California's Sacramento Basin and Western Australia's Perth Basin. Drilling is planned later in 2017. Bombora personnel would join the board and management. A strategy shift beyond Africa.
19 May 2017capital raising announcement▼ BadMajor
The share purchase plan raised $398,500 at 0.2c from existing shareholders. Together with the $400,000 placement and $150,000 directors' placement, the April raising totalled $948,500.
1 May 2017capital raising announcement● Neutral
The share purchase plan close is extended two weeks to 16 May 2017, because of Easter and Anzac Day and shareholder enquiries. Price stays at 0.2c, with a $1,000 to $15,000 range per holder. Allotment moves to about 23 May.
18 Apr 2017capital raising announcement● Neutral
Share purchase plan offer booklet: existing holders can buy up to $15,000 of shares at 0.2c, closing 2 May 2017. The chairman says directors' pay is significantly cut for the rest of 2017. Terms repeat the 10 April announcement.
10 Apr 2017capital raising announcement▼ BadMajor
PCL plans to raise up to $1.83m at 0.2c, below the 0.3c in January: a $600,000 placement of up to 300m shares, plus a $1.23m share purchase plan. Directors may take up to $200,000, subject to approval. Funds cover PEL 37 costs and working capital.
What it means for a shareholder
300m new shares at about A$0.0061 to raise about A$1.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Apr 2017joint venture update▼ BadMajor
Tullow did not commit to drill by the 27 March 2017 deadline. PCL says a drillable prospect exists; Tullow says more work is needed. Tullow will update in the first half of 2017. This leaves the Namibia well commitment unresolved.
31 Mar 2017farm in farm out agreement▼ BadMajor
The Africa Energy Corp farm-in for 10% of PEL 37 has lapsed after the parties failed to agree a restructured deal. The expected US$6.5m is lost, and PCL stays at 30%. Resolves the January restructure request.
15 Mar 2017half year report● Neutral
Half-year report to 31 December 2016, covering the period of the Africa Energy deal, Tullow cash call and board changes. Shows PEL 37 at 30% (subject to farmout) and Kenya L6 interests. Financial figures are not in the truncated text.
31 Jan 2017capital raising announcement● Neutral
Routine section 708A notice for the 333,333,333-share placement at 0.3c ($1.0m). 256,666,679 shares issued today; 76,666,666 await director shareholder approval. No new information.
