Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2017capital raising announcement● Neutral
Completes the January placement: 256,666,679 shares issued at 0.3c ($770,000). A further 76,666,666 shares ($230,000) go to directors only if shareholders approve at a general meeting. Hartleys was broker, with Peel Hunt support.
What it means for a shareholder
257m new shares at A$0.003 to raise about A$770,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
18 Jan 2017capital raising announcement● NeutralMajor
PCL raises up to $1.0m via a placement of up to 333m shares at 0.3c, down from 0.4c in earlier raisings. Funds are for paying Tullow's disputed costs (circa A$600k remaining), Namibia exploration and working capital. Directors commit $230,000, subject to approval.
What it means for a shareholder
333m new shares at A$0.003 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Routine section 708A notice for the placement of 333,333,333 shares at 0.3c raising $1,000,000 before costs. Confirms the raising announced the same day.
What it means for a shareholder
333m new shares at A$0.003 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Africa Energy Corp wants to restructure its Namibia farm-in, cutting the US$1.7m upfront payment to reflect its exposure to Tullow's disputed cash calls. PCL is confident of a sensible outcome. This puts the November deal in doubt.
PCL will pay Tullow's US$552,897 cash call under a staged plan Tullow accepted, to avoid a default under the joint operating agreement. Payments are without prejudice to PCL's right to contest it.
Tullow issued a purported US$552,897 cash call for 35% of 2014–2016 costs in Namibia PEL 37. PCL says the items are covered by its free carry and the call is invalid. This challenges the free-carry position.
Company Secretary and accountant Vesna Petrovic is appointed an Executive Director, effective 9 December 2016. She remains with the company, which says the board has a good mix of skills.
1 Dec 2016director officer appointment● NeutralMajor
At the AGM, David Kennedy stepped down as chairman, handing over to John Leach, and stays on as non-executive director. Ends Kennedy's long run as chair.
PCL agrees to assign 10% of its 30% in Namibia PEL 37 to Africa Energy Corp for expected US$6.5m (~A$8.5m): US$1.7m upfront on conditions, US$4.8m when the first well starts. PCL keeps a 20% free-carried interest. Conditions include partner and government consent within 90 days.
AGM presentation restating strategy, the Namibia 30% and Kenya L6 interests, 1,717m shares and a market cap of A$6.9m. Truncated text shows nothing new.
November 2016 investor presentation with standard disclaimers and Namibia resource statements dated 28 September 2015. Truncated text shows nothing new.
2016 Annual Report with the Chairman's review, stating the company is a leaner group with a zero-cost exploration portfolio and no debt, with Namibia drilling in its sights. Text is truncated; nothing new beyond known facts.
Full-year statutory accounts for year to 30 June 2016: directors' report and governance statement. Notes John Leach joined the board in February 2016 and Anthony Maslin resigned in January 2016. Text is truncated, so no financial figures are readable.
September 2016 Africa Oil & Gas Conference presentation. Repeats the known Namibia 30% and Kenya L6 interests, 1,717m shares and a market cap of about $6.9m at 0.4c. Truncated text shows nothing new.
Tullow elects to stay in Namibia PEL 37 and is committed to drill one fully funded exploration well, subject to finding a drillable prospect, by 27 March 2017. It resolves the 31 March decision point: PCL keeps its free-carried 30%, with four prospects over 900 million barrels.
Routine section 708A notice for a placement of 185.5m shares at 0.4c. This is the shortfall placement announced 18 March, though the share count differs from the 175m shown there (likely including broker shares, an inference).
What it means for a shareholder
186m new shares at A$0.004 to raise about A$742,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Tullow asked for more time on its Namibia PEL 0037 decision to continue or withdraw. PCL agreed to move the deadline from 31 March to 7 April 2016, with an update to follow.
18 Mar 2016capital raising announcement▲ GoodMajor
PCL raises $700,000 via a placement of 175m shares at 0.4c, managed by London broker Peel Hunt, covering the shortfall from the share purchase plan. Settlement is due 24 March 2016, with Peel Hunt's brokerage paid in shares.
What it means for a shareholder
175m new shares at A$0.004 to raise about A$700,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
John Leach, a chartered accountant and former finance director of Atalaya Mining, joins as non-executive director. The text gives no reason for the appointment.
Half-year report to 31 December 2015 with permit schedule and directors' report. Confirms Namibia EL 0037 at 30% and Kenya L6 at 40% offshore and 16% onshore. Text is truncated, so no financial figures are readable.
8 Feb 2016capital raising announcement● NeutralMajor
Share purchase plan raised only $286,000 (71.5m shares at 0.4c), well short of the $1m target. Together with the placement and directors' placement, the December 2015 raising totals $1.524m.
What it means for a shareholder
71.5m new shares at A$0.004 to raise about A$286,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
PCL disputes FAR's claim that it defaulted on two 2015 Kenya L6 cash calls, saying the calls assumed a 40% share rather than 16% onshore. It says about US$22,388 is purportedly owing, which it also disputes. No onshore access exists, and talks with FAR continue.
Share purchase plan closing date extended a second time, by one week to 5 February 2016, after shareholder enquiries. Price stays 0.4c, $1,000 to $15,000 per holder; shares now to issue around 12 February.
Share purchase plan closing date extended one week to 29 January 2016 after shareholder enquiries. Price stays 0.4c, $1,000 to $15,000 per holder; shares to issue around 5 February.
January 2016 investor presentation with standard disclaimers and resource statements as at 28 September 2015. Truncated text shows nothing new beyond the known Namibia and Kenya portfolio.
Share purchase plan offer documents sent: shareholders can buy up to $15,000 of shares at 0.4c, a 20% discount to the 1 December price. Targets about $1m; closes 22 January 2016. Funds to go to Namibia sale costs, Kenya L6 farmout and working capital.
