16 Aug 2007drilling progress report● Neutral
Operator ARC's Valentine-1 report: drilling ahead at 644 m on 16 August, casing set at 112 m, no hydrocarbon indications. Same data as Pancontinental's report.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2007drilling progress report● Neutral
Valentine-1 drilling report: 644 m reached by 16 August with 13 3/8 inch casing set at 112 m. No hydrocarbon indications yet; target is 3,222 m to the main objective.
16 Aug 2007drilling progress report● Neutral
Partner Empire repeats the Valentine-1 report: 644 m on 16 August, casing set at 112 m, no hydrocarbon indications. Duplicate of the operator's data.
16 Aug 2007drilling progress report● Neutral
Partner Emerald repeats the Valentine-1 report: 644 m on 16 August, casing at 112 m, no hydrocarbon indications. Duplicate of the operator's data.
13 Aug 2007drilling spud● Neutral
Partner Emerald repeats that Valentine-1 spudded 12 August 2007, drilling ahead at 115 m. Emerald says it earns 12.75% by paying 13% of costs. Re-release of the operator's news with Emerald's own commentary.
13 Aug 2007drilling spud● Neutral
Partner Empire Oil & Gas reports Valentine-1 spudded 12 August 2007, drilling ahead at 115 m. Empire cites up to 1,200 BCF gas or 200 million barrels of oil potential. Duplicate of the operator's news, with partner estimates added.
13 Aug 2007drilling spud▲ GoodMajor
Pancontinental confirms Valentine-1, the first of two Canning Basin wells, spudded 12 August 2007. The manager expects news over 7-8 weeks; the two wells could add 7 to 10 million barrels net to PCL, which holds 10% after paying 10.67% of costs.
13 Aug 2007drilling spud● Neutral
Operator ARC Energy announces Valentine-1 spudded at 12:30 on 12 August 2007, drilling ahead at 115 m. Target depth is 3,407 m; PCL holds 10% after the farm-in. Stokes Bay-1 follows by sidetrack.
13 Aug 2007drilling spud● Neutral
Partner FAR repeats the operator's announcement that Valentine-1 spudded on 12 August 2007 and is drilling ahead at 115 m. It adds Empire's potential estimates of up to 1,200 BCF gas or 200 million barrels of oil. Re-release.
2 Aug 2007drilling scheduled● Neutral
Operator ARC's rig is due on site in three weeks, with Valentine-1 (70 million barrels or 380 BCF potential) expected to spud mid-August, then Stokes Bay-1. Both wells take about 50 days; PCL pays 10.67% to lift its stake from 8% to 10%.
30 Jan 2007drilling result● NeutralMajor
Origin finished acquiring 3,759 km of 2D seismic over Kenya L-8/L-9, ahead of schedule, with processing due June 2007. Origin may drill one L-8 well before October 2007. The CEO calls Woodside's Pomboo-1 result 'disappointing' but says it does not undermine Pancontinental's blocks.
20 Dec 2006drilling progress report▲ Good
Origin has started a 3,200 km 2D seismic survey over Kenya L-8 and L-9, fully funded, to define about 40 leads, with completion expected February 2007. Pancontinental holds 25%. Follows the farmout approval in September; Woodside is drilling Pomboo-1 next door.
14 Nov 2006farm in farm out completion● Neutral
Empire Oil & Gas, EP 104 operator, releases its own account of the same farmout completion: Phoenix, ARC and Emerald join, ARC becomes operator, and Stokes Bay-1 is planned for the 2007 dry season. Duplicates Pancontinental's 13 November announcement.
14 Nov 2006farm in farm out completion● Neutral
ARC Energy's release on the same EP 104 deal: it lifts its Point Torment interest from 8% to 32.95%, takes over as operator, and plans Stokes Bay-1 as its first well in April/May 2007. Confirms the timing for Pancontinental's 10% interest.
13 Nov 2006farm in farm out completion▲ GoodMajor
All farm-outs in Canning Basin EP 104 were completed, clearing the way for Stokes Bay-1, which tests near the 1992 Point Torment gas discovery. ARC Energy becomes operator, Pancontinental holds 10%, and Empire estimates up to 80 bcf gas and 10 million barrels of oil if the trap is full.
3 Oct 2006farm in farm out completion▲ GoodMajor
Kenya approved the L8 and L9 changes on 28 September, so Origin now holds 75% and must fund at least US$4 million of seismic. Origin must decide by 14 July 2007 whether to drill. Seismic is due to start December 2006.
3 Oct 2006farm in farm out completion▲ Good
Origin's own release of the same Kenya L8 and L9 update: government deeds executed, Origin holds 75%, and it must fund at least US$4 million of seismic. Duplicates Pancontinental's announcement.
29 Aug 2006farm in farm out agreement▲ Good
Gippsland Offshore Petroleum's release of the same L-6 farmin: it earns 60% for US$1.9 million of work, and Pancontinental keeps 40%. A duplicate of Pancontinental's own announcement, adding no new terms.
29 Aug 2006farm in farm out agreement▲ GoodMajor
Farmout of Kenya's L-6 block: Gippsland Offshore Petroleum can earn 60% by spending US$1.9 million on seismic and gravity surveys by 23 February 2007. Pancontinental keeps 40%, carried through the program. Subject to Kenyan Government approval.