Pcl-pancontinental oil and gas nl -..

[JBmurc]

PANCONTINENTAL OIL AND GAS NL
More Legs Than a Millipede – Mbawa Imminent
Pancontinental Oil and Gas Limited (“Pancontinental”, “PCL”, “Company”) is on the threshold of drilling at the first of potentially four company making wells over the next 12 months. The Company will retain a 15% (largely free carried) working interest into the drilling of the giant 1 billion barrel potential Mbawa prospect, on the L8 permit offshore Kenya, scheduled for spud in early August. The upside potential for PCL from this well alone is in excess of 169cps. If we assume 20% chance of success, this results in a risked valuation of 34cps.(hartleys)

http://www.pancon.com.au/investor-centre/broker-reports/reports/010612.pdf

who else has been looking at these guys brought a small few today 17.5c I see D&D also recommend sub 20c

[soulman]

PANCONTINENTAL OIL AND GAS NL
More Legs Than a Millipede – Mbawa Imminent
Pancontinental Oil and Gas Limited (“Pancontinental”, “PCL”, “Company”) is on the threshold of drilling at the first of potentially four company making wells over the next 12 months. The Company will retain a 15% (largely free carried) working interest into the drilling of the giant 1 billion barrel potential Mbawa prospect, on the L8 permit offshore Kenya, scheduled for spud in early August. The upside potential for PCL from this well alone is in excess of 169cps. If we assume 20% chance of success, this results in a risked valuation of 34cps.(hartleys)

who else has been looking at this guys brought a small few today 17.5c I see D&D also recommend sub 20c

I have been trading them in the 18's to 20's and subsequently sold out for a loss at 18.5 last week. Overall, PCL has been kind, unlike their peers FAR. JKA has been OK too for me. Not holding any of them ATM.

Right now PCL seems likely to drop to 15.5 based on TA.

[JBmurc]

15.5c will buy a few more if they reach those levels

[soulman]

Me too......:)

[JBmurc]

Me too......:)

upside potential $8 LOL now that one upside

[soulman]

Trading Halt after they drop to 11.5 JB. This can't be good news. Fellow peers FAR went up quite a bit today so who knows.

[JBmurc]

MBAWA 1 – FIRST OFFSHORE KENYA GAS DISCOVERY UNLOCKS NEW HYDROCARBON PROVINCE
~ 52 net metres (~170ft) of natural gas pay
Pancontinental Oil & Gas NL (“Pancontinental”) is pleased to announce a significant gas discovery in the Mbawa 1 exploration well in the L8 licence area offshore Kenya. Drilling is now continuing towards a deeper exploration target.
HIGHLIGHTS * First ever substantive hydrocarbon discovery offshore Kenya
* Approximately 52 net metres (~170 feet) of natural gas pay encountered so far * Drilling has recommenced towards a deeper exploration target
The Mbawa 1 well has encountered approximately 52 net metres (approx. 170 feet) of natural gas pay in porous Cretaceous sandstones.
The Mbawa 1 exploration well was drilled to a depth of 2,553m RT (below the drill floor), at which point wireline logs, fluid samples and sidewall cores were acquired from the well. Reservoir and fluid parameters will become available as logs and sample analyses are completed.
Drilling has recommenced towards the planned TD of 3,275m RT. A secondary exploration target lies above the planned TD.
Barry Rushworth, CEO and Director of Pancontinental said:
“While we have not finished operations in Mbawa 1, this gas discovery is very promising and it is the first ever substantive hydrocarbon discovery offshore Kenya. We are delighted to prove that there is a working hydrocarbon system offshore Kenya. Further work continues to evaluate the size of the discovery.
We thank the Government of Kenya for its cooperation and support in achieving this very positive initial outcome for the country of Kenya, for the L8 joint venture and for Pancontinental.
With drilling continuing to a deeper exploration target, these interim results may be the first part of the story in this well, and they are certainly just the beginning of the main story of oil and gas exploration offshore Kenya.”

[JBmurc]

Apache Joint Venture Discovers Natural Gas Offshore Kenya

By Ross Kelly

SYDNEY--A joint venture led by Apache Corp. (APA) has discovered natural gas off the coast of Kenya, boosting hopes the East African nation could have commercial reserves after big finds in nearby Mozambique and Tanzania.

Smaller joint venture partner Pancontinental Oil & Gas NL (PCL.AU) said the Mbawa-1 exploration well hit a net gas column of about 52 meters. The well has only been drilled to a depth of 2,553 meters below the ocean floor and drilling will continue to a planned total depth of 3,275 meters. A secondary exploration target lies above the planned total depth, Pancontinental said.

Apache operates and owns 50% of the joint venture while Australia's Origin Energy Ltd. (ORG.AU) owns 20%, Pancontinental owns 15% and Tullow Oil PLC (TLW.LN) owns 15%.

Wood Mackenzie estimates that 100 trillion cubic feet of natural gas has been discovered in Mozambique and Tanzania to date, ranking the region as one of the most prolific conventional gas plays in the world.

The energy consultancy says there could be enough gas offshore Mozambique and Tanzania alone to support up to 16 liquefied natural gas, or LNG, production units.

[skid]

60% rise back up to your exact sell price soulman--its a crazy world

[JBmurc]

60% rise back up to your exact sell price soulman--its a crazy world

geez wish loaded up in the low teens ...but no one wanted to buy some of my MPO for 58c....

tried to sell MPO 56c today again missed out while I could have doubled my PCL @ 16.5c ....

[soulman]

60% rise back up to your exact sell price soulman--its a crazy world

Yeah and now it beats it to close at 22. Feel for those who sold on 3rd of Sept onwards.

JB must be a bit nervy on Sept 3 onwards? Or maybe he's got the nerve of steel....

Interesting ORG snubb the discovery, barely up 3 cents to $11.79.

[JBmurc]

Yeah and now it beats it to close at 22. Feel for those who sold on 3rd of Sept onwards.

JB must be a bit nervy on Sept 3 onwards? Or maybe he's got the nerve of steel....

Interesting ORG snubb the discovery, barely up 3 cents to $11.79.


LOL sometimes....just didn't think it was all over for PCL when the talk going round was of a duster glad to be rewarded did sell half my holding today @20c .......going be keeping a very close eye on it still got some way to drill to full depth ...could well be Oil under all that Gas ..and if so I don't mind paying more and buying a much bigger position...(only holding a small 25k holding now)...be interesting to see how it runs for the rest of the week after such a massive run today ,maybe pull back before next ann

[JBmurc]

And on it moves now 24c ....toot tooot

[soulman]

And on it moves now 24c ....toot tooot

And that's the price I got out at JB after getting a few at closed at 22 and then saw the high of 25.5. Back to 25 now. Not sure where this will go today but judging by current action, could close around 22.

Grabbed a few FAR and JKA at yesterday rushed close.

[Corporate]

overreaction?

[soulman]

overreaction?

Well Corp, they mention significant, 52 net metres of hydrocarbon. Well I ain't technical and a genius is gas discovery, but if the well has to be plugged, then bad news all round.

I will be buying a few lotto ticket this weekend. Yesterday I manage to sell PCL at 24, FAR at 5.2 and JKA at 15.5. Not big profits but decent losses if I still got them.

[Corporate]

Hmm, plugged and abandoned is quite common in oil and gas exploration. It would be different if they had intended to production test.

Well done none the less.


Well Corp, they mention significant, 52 net metres of hydrocarbon. Well I ain't technical and a genius is gas discovery, but if the well has to be plugged, then bad news all round.

I will be buying a few lotto ticket this weekend. Yesterday I manage to sell PCL at 24, FAR at 5.2 and JKA at 15.5. Not big profits but decent losses if I still got them.

[soulman]

Hmm, plugged and abandoned is quite common in oil and gas exploration. It would be different if they had intended to production test.

Well done none the less.

Luck Corp. You get lucky in this game if you stay in long enough as you know.

I got in PCL at 12 cents this morning as more drilling is planned. ORG, with their 20% stake in this program yawn at any announcement (ORG is a $13 bil coy).

Overreaction as you said. I also picked up some FAR for 4.1. Just hope AKK does not announce a bad one like this.

Any dip in this African oil and gas play Corp. Just watch Wall Street 2 yesterday re: Equitorial Guinea in this exact field.

[trackers]

Wow, insightful trading there soulman nice!

quick hit and run trades are where I'm doing ok at the moment funnily enough...my long term conviction shares aren't doing much at all :/

[gazprom1]

Luck Corp. You get lucky in this game if you stay in long enough as you know.

I got in PCL at 12 cents this morning as more drilling is planned. ORG, with their 20% stake in this program yawn at any announcement (ORG is a $13 bil coy).

Overreaction as you said. I also picked up some FAR for 4.1. Just hope AKK does not announce a bad one like this.

Any dip in this African oil and gas play Corp. Just watch Wall Street 2 yesterday re: Equitorial Guinea in this exact field.

Good trading SM.

What is the reason for the FAR drop today? (ADDED: just reading FAR news and the link with PCL) I used to follow but have not done for ages.

Cheers
Gaz

[soulman]

Short term trade is all I am doing ATM with TA and volume a major tool. The market is rising in hope of stimulus from China, EU and US but is very fragile in terms of economics. Recession is Australia is very possible in 2013. I got in AJQ at 23 as well Tracks. Looks like a break is coming. Not a reco, just an observation.

FAR rose in tandem with PCL because of their Kenyan stakes. They do have a JV together as well. JKA got the Somalia acreage.

[JBmurc]

Yeah good stuff Soulman glad to have sold least half my lot ,,,PXGOA up 50% today (top 20 S/H) so can't complain .....
looks good buying once again at these levels from my understanding PCL made a significant GAS discovery but with no local infrastructure
so no production test needed ...best to P&A and see how big this OIL&GAS system is....don't think the market really understood what was going on with this exploration drill .this was always going to be plugged and abandoned, almost ALL wildcat wells are P&A.....and some investors reckon the market is always right LOL

[trackers]

Short term trade is all I am doing ATM with TA and volume a major tool. The market is rising in hope of stimulus from China, EU and US but is very fragile in terms of economics. Recession is Australia is very possible in 2013. I got in AJQ at 23 as well Tracks. Looks like a break is coming. Not a reco, just an observation.

FAR rose in tandem with PCL because of their Kenyan stakes. They do have a JV together as well. JKA got the Somalia acreage.

Nice, yeah think AJQ will come right I'm pretty comfortable with a decent sized position in them at these levels

[JBmurc]

Been awhile but once again a PCL shareholder in @ 5.4c with majors drilling next door and PCL to spud within 6m ..some good interests in the area ...PCL has enough cash for the next 12-18months of exploration work 3-4 wells ...tax-loss selling has really oversold PCL far move that is warrantable when you look at their assets

recent analyst report-http://www.pancon.com.au/investor-centre/broker-reports/reports/

Valuation upside $5+ on un-risked basis (.49c fair value)


-----from HC-----
Last week the ECO Atlantic president & CEO Gil Holzman had a video interview at the Oil Councils 2013 Africa Oil & Gas Assembly in Paris.

Here's a quote from the interview:
"We are very, very optimistic that the current well of HRT, the Murombe, and the following wells by Repsol and the rest of the players in the basin will identify and will find the big oil discoveries that everybody has anticipated for."

He reckons it only a matter of "when" commercial oil will be discovered there.

It's a 15 minute interview, well worth a listen. Pancontinental (PCL) gets a mention.

Here's the link to the interview:

http://www.oilcouncil.com/videos/oil-council-africa-assembly-gil-holzman-interview

[Huang Chung]

Are you still holding JBM?

Should be getting the results from the Sunbird-1 well in Block L10A offshore Kenya any day now. Looks like they have hit hydrocarbons, but no further details as yet (including a view on commerciality).

Recently bought a few for a punt.

[JBmurc]

No sold my lot but know a few holders always on the watchlist