Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2025resource reserve update▲ GoodMajor
PCL defined two new PEL 87 prospects outside the Saturn Complex: Phoebe West (High Case 779 million barrels net) and Northern Channel (High Case 1,339 million net). Total High Case rises to 6.1 billion barrels net, unrisked. Shortlisted groups continue to use the farmout data room.
29 July 2025resource reserve update▲ GoodMajor
Following the July quantitative seismic study, PCL raised its Oryx estimate to Best Case 815 million barrels and High Case 1,873 million (net), and lifted Oryx's chance of success to 26.2% from 22.5%. Oryx now absorbs Calypso and Addax Channel. A new lead, Phoebe West, was flagged. All figures are unrisked and undrilled.
2 July 2025drilling result▲ Good
Technical update: basin modelling indicates the Kudu source rock can feed over 20 billion barrels into the Saturn Complex, and a quantitative seismic study supports high-quality reservoir sands. No well drilled. Results are to feed into the resource estimates and risking.
18 Mar 2025resource reserve update▲ GoodMajor
PCL's first prospective resource estimate for PEL 87: High Case 3.8 billion barrels of oil net to PCL (12.7 billion barrels oil-in-place), across Oryx and Hyrax prospects plus six further leads. Unrisked, undrilled estimates; a farm-out is underway to fund drilling.
18 Mar 2025farm in farm out completion▼ BadMajor
Woodside has elected not to exercise its option over PEL 87, ahead of the 18 May 2025 long stop date. This resolves the open option thread negatively. PCL keeps 75% and says a farm-out process for a new drilling partner is underway, with third-party interest.
21 Nov 2024farm in farm out completion▲ GoodMajor
The Seismic Licence has been approved by Namibian authorities and delivered to Woodside, setting the long stop date for its option over 56% of PEL 87 at 18 May 2025. This resolves the open licence thread; Woodside's decision is now due by that date.
26 May 2023drilling result▲ GoodMajor
The PEL 87 3D survey finished a few days early at 6,593 sq km, of which 5,952 sq km lies inside PEL 87, covering the core Saturn complex. Fast-track results are expected by late August; Woodside's option decision awaits interpretation.
18 Apr 2023drilling progress report▲ Good
The 6,872 sq km PEL 87 3D survey is over 50% acquired and on schedule to finish early June. Fast-track processed results are now expected before end August 2023, with full processing taking a few more months. No new result yet.
6 Mar 2023drilling progress report▲ GoodMajor
Pancontinental began the 3D seismic survey over PEL 87's Saturn complex, about 6,800 sq km, run by PGS's Ramform Titan and funded by Woodside under the 1 March option deed. It takes about three months, with fast-track results expected around end-June.
2 Mar 2023farm in farm out agreement● Neutral
Amended re-release of the Woodside PEL 87 option announcement, with the same terms. Wording is softened to a future election, and the Custos 1% option is stated as exercisable in a similar timeframe to Woodside's. Seismic start moves to later in March.
1 Mar 2023farm in farm out agreement▲ GoodMajor
Woodside signed an option deed on PEL 87: it funds a roughly US$35m, 5,000+ sq km 3D survey and pays PCL US$1.5m for the right to take 56% and operatorship. PCL would keep 20%, carried through the first well. This is the first farmout deal for PEL 87.
25 Feb 2022drilling result▲ GoodMajor
TotalEnergies announced a light oil discovery at Venus-1X, with about 84m net pay, to 6,296m depth. Second discovery on-trend to PEL 87 after Graff-1; Shell is drilling appraisal well Graff-2. PEL 87's first period also extended one year, pending documentation. PCL holds 75%.
7 Feb 2022drilling result▲ GoodMajor
Shell's Graff-1 well, on-trend to PEL 87, has hit light oil, reported as the first oil discovery declared offshore Namibia. Well drilled to 5,376m. Positive read-across for PCL's 75% Saturn play, though no PCL well; Venus-1 still drilling. Contains a field-size claim later withdrawn.
14 Dec 2021drilling spud● Neutral
Shell has started the Graff-1 well, so two major wells are now drilling on-trend to PEL 87 alongside Total's Venus-1. PCL says Saturn is geologically similar. No results yet.
3 Dec 2021drilling spud▲ GoodMajor
TotalEnergies has started drilling Venus-1 in 3,000m of water, about 130km south of PEL 87, after repeated delays. PCL says its Saturn complex is geologically similar. Shell's Graff-1 is expected to follow. Result will be an important read-across for PCL's 75% PEL 87.
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.
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.
24 Sept 2018drilling result▼ BadMajor
Cormorant-1 in PEL 37 reached 3,855 m and will be plugged and abandoned as a dry hole: the ~50 m sandy target fan was water-wet. Gas shows suggest an active source system, and PCL says other PEL 37 and PEL 87 plays remain valid.
11 Sept 2018resource reserve update▲ GoodMajor
Independent experts put gross best-estimate prospective resources in PEL 87 (PCL 75%, operator) at over 1 billion barrels, led by a 1.3 billion barrel 'Saturn Superfan' lead. These are undrilled leads, and 3D seismic is needed to mature them.
4 Sept 2018drilling spud▲ GoodMajor
Cormorant-1 has spudded in PEL 37, targeting 124 MMbbl best-estimate prospective resources (915 MMbbl across four prospects), in 545 m of water to 3,830 m, about 34 days. PCL's 20% is carried, and the US$5.5m Africa Energy payment is now triggered.
3 Sept 2018drilling progress report▲ Good
The Poseidon drillship reached the Cormorant-1 site in PEL 37, with drilling due to begin 3 or 4 September. PCL's effective 20% is carried, and US$5.5m (A$7.5m) from Africa Energy is payable when drilling starts.
18 July 2018drilling scheduled▲ Good
Namibian Minister and PEL 37 partners toured the Poseidon drillship; Cormorant-1 stays on track for September 2018. PCL is carried for its 20% and gets A$7.3m from Africa Energy at spud. Mostly repeats known facts.
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.
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.
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 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.
