PANCONTINENTAL OIL - Projekte in Australien, Kenya, Malta, Marocco und Namibia ( Seite 156)

Australian firm needs U.S. $50 million for Coast oil search

SHARES PLACEMENT IS BEING MADE TO SOPHISTICATED INVESTORS AS WELL AS INTERNATIONAL AND INSTITUTIONAL CLIENTS IN AUSTRALIA, LONDON AND ELSEWHERE.

NAIROBI (Xinhua) -- Australian energy firm, Pancontinental Oil and Gas has announced plans to raise 50 million U.S. dollars to fund its ongoing exploration activities in Kenya.

The company said the funds will be raised in the Australian market to fund exploration programmes over Kenyan Blocks L10A & L10B, further seismic work over Kenya Block L8 and a portion of its share of costs of the upcoming L8 Mbawa well.

CEO Barry Rushworth said in a statement that the funds will also cater for seismic work over Kenya Block L6, seismic work over Namibia EL 0037 and for business development and general working capital purposes.

"The operators of our four Kenyan projects are aggressively moving forward with the exploration programmes," Rushworth said in a statement received in Nairobi on Friday.

Pancontinental Oil Gas announced recently that the Kenya L8 licence operator, Apache Kenya had secured deepwater drilling ship for giant Mbawa Prospect, a well on an offshore Kenyan oil exploration block.

Apache said it’s anticipating a spud date within in the third quarter of 2012, with the actual date depending on when the drilling rig is finished with its current operations.

"Apache Kenya Limited (Apache) has secured the use of the deepwater drilling ship Deepsea Metro 1 to drill the giant Mbawa Prospect," the firm said in a statement on April 10.

It said then that the well is expected to take some 45 to 60 days to complete to a planned total depth of 3,250m subsea in water depth of 860m, easily within the range of modern equipment.

The development comes as Kenya’s energy ministry officials have expressed optimism the discovery of commercial quantities of oil will ignite fresh investments in most of the country’s under- explored regions.

While decades of oil exploration failed to yield results, in most cases, ending with nothing less than a bottle of crude oil, an oil expert said there were high hopes of Kenya striking oil with the advent of new oil exploration technologies.

Engineers working for an Irish oil exploration firm, Tullow Oil, announced last month that quantities of oil were discovered in Turkana, northern Kenya.

The rock on which the oil was discovered is over 20 metres deep and is believed to bear larger oil quantities than those discovered by Tullow in Uganda three years ago.

Kenya and the entire East African region, has witnessed intensified exploratory activity since 2003, which led to the discoveries of oil and gas in Uganda and Tanzania. There is also ongoing exploration in Ethiopia.

"This capital raising means that Pancontinental will remain in control of its own strategic direction and ensures that it continues to maintain its significant interests in its projects in the key East African region," Rushworth said.

The funds will be raised through a 45 million dollar placement of up to approximately 257.1 million shares at an issue price of 17.5 cents per share to sophisticated and professional investors and through a share purchase plan capped at 5 million dollars to existing shareholders, also at 17.5 cents per share.

The firm said the Placement is being made to sophisticated investors as well as international and domestic institutional clients of Hartleys Limited, principal Broker to Pancontinental and Broker to the Offer in Australia, London and elsewhere.

The Placement was also extended to Directors of the Company, the majority of which have elected to participate in the placement (subject to shareholder approval).

Pancontinental is partly "free-carried" through the Mbawa well by farmout to Tullow Kenya B.V. a wholly owned subsidiary of Tullow Oil plc.

Tullow’s contribution on Pancontinental’s behalf to a recent new 3D seismic survey in L8 and increased drilling cost estimates have meant that Pancontinental will contribute a portion, alongside farminee Tullow, to its share of Mbawa drilling costs.

"The raising maximises Pancontinental’s exposure to success by maintaining its equity levels in these very exciting projects.

"Pancontinental should be fully funded for the next 12 months without recourse to early dilution through farmout," Rushworth said.

The East African nation has a huge mineral potential but its exploration efforts have only picked in the last five years with the awarding of commercial licences in prospecting for oil, gold, coal, geothermal and rare earths.

Kenya is also expected to tender for the exploration of natural gas in Kilifi, near the coastal city of Mombasa, according to the Permanent Secretary in the Ministry of Energy Patrick Nyoike.

One of the contributors for slow exploration of minerals in Kenya has been lack of mapping of the resources.

The East African Rift Basin system is one of the last of the great rift basins to be explored.

New discoveries have been announced on all sides of Africa Oil’s virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda.

http://www.coastweek.com/3516_oil.htm

Kennt jemand die genauen Details bezüglich Tullows Option weitere 5% an Mbawa von Panccon zu übernehmen?
Wenn die Bohrung ein Volltreffer wird würden wir die ja lieber behalten...

Quelle: Halbjahresbericht Finanzen PCL vom 17.02.2012 Seite 3

PANCONTINENTAL OIL & GAS NL
ACN 003 029 543
Directors' Report 31 December 2011
Review and Results of Operations
The review ofthe Company's Operations during the Half-Year ended 31 December 2011 is as foliows.

Financial Review of Operations
During the Half-Year Pancontinental maintained its focus on oil and gas exploration in Kenya and Namibia.

The activities undertaken during the period are detailed as follows:

KENYA OFFSHORE BLOCK L8

Pancontinental 011 & Gas NL - 15%

In October 2011 Tullow completed the farmin to a 10% interest in offshore Block L8 that contains the giant Mbawa Prospect. Pancontinental will retain a 15% interest in L8, from which Tullow will then have an option to earn a further 5%.

Under the farmout Tullow earns a 10% interest in the licence over offshore Kenya Block L8 by reimbursing Pancontinental US$ 1 million for past expenditure in respect of Pancontinental's interest and spending a further US$9 million to "carry" Pancontinental though the next part of the L8 work programme including drilling the Mbawa Prospect. Tullow will also pay for its own 10% of expenditure with respect to the interest acquired.
The Kenya L8 joint venture consists of:

Apache Corporation (Operator) 50%
Origin l3nergy Limited 20%
Pancontinental Oil & Gas NL 15%
Tullow Kenya B.V. 15%

Pancontinental will retain a 15% interest in L8 and after the first earning phase TuIlow will have an option to earn a further 5% by providing further funding on its own and on Pancontinental's behalf.

Shell Lifts Cove Energy Bid to $1.8 Billion

April 24, 2012
By MARK SCOTT

Royal Dutch Shell increased its offer on Tuesday for the oil and gas exploration company Cove Energy, part of a strategy by Shell, the British-Dutch energy giant, to expand into the fast-growing natural gas industry in East Africa.

The revised bid of £1.12 billion, or $1.8 billion, which is supported by Cove Energy’s board, increases Shell’s offer for the company from its previous bid of £992 million. A rival bidder, the Thai oil and gas company PTT Exploration and Production, has proposed a £1.1 billion offer for Cove Energy.

The announcement will help Shell increase its presence in East Africa, particularly in Mozambique and Kenya, where Cove Energy is exploring for large reserves of natural gas.

The deal, which will be completed through Shell Bidco, a subsidiary, will also allow Shell to gain access to liquidified natural gas assets, which allow for energy deposits to be shipped overseas in large tankers.

Shell’s offer would involve paying Cove Energy shareholders 220 pence for each of their shares in the company.

The bid represents a 12 percent increase from Shell’s previous offer and is a 42 percent premium on Cove Energy’s closing share price on Feb. 21, the day before Shell’s initial bid was announced.

‘‘The board believes that the recommended cash offer from Shell Bidco provides very significant value to Cove shareholders,’’ Cove Energy’s chief excutive, Michael Blaha, said in a statement. ‘‘I am confident, following our discussions with the Government of Mozambique, that timely consent for Shell’s offer will be forthcoming.’’

In early morning trading in London, Cove Energy’s share price had risen 3.8 percent to 225 pence.

The acquisition would give Shell access to Cove Energy’s 8.5 percent stake in a major natural gas field in Mozambique. The field, called Rovuma Area 1, is estimated to hold up to 30 trillion cubic feet of recoverable natural gas. It is operated by Anadarko Petroleum.

Morgan Stanley advised Shell on the deal, while Standard Chartered and Cenkos Securities advised Cove Energy.

http://dealbook.nytimes.com/2012/04/24/shell-increases-offer…

siehe auch dazu:

http://www.wallstreet-online.de/nachricht/4909452-shell-erwi…
oder
http://www.wallstreet-online.de/nachricht/4908618-shell-erho…

Moin, Moin,

heute leider Feiertag in Down Under.

Fliege

Zum Start hohes Volumen ( 4,3 Mio Shares) nach knapp einer Stunde.
Leider keine Kurserhöhung. Ich dachte nachdem Shell für Cove noch mal 600 Mio Dollar drauf gelegt hat , springt PCL etwas mit an .

Link zum heute veröffentlichen Quartalsbericht - lesenswert:

http://www.pancon.com.au/investor-centre/asx/2012/reports/27…