Pancontinental Energy NL (PCOGF)

[Ebenezer3]

Upstream article 4/14/23
Shell’s hydrocarbon hotspot: Supermajor seeks to drill 10 more wells in prolific Namibia
Supermajor's future offshore activities could be influenced by the creation of marine protected areas

14 April 2023 11:29 GMT UPDATED 14 April 2023 12:07 GMT
By Iain Esau in London
Shell has filed plans to drill as many as 10 new exploration and appraisal wells on the prolific licence offshore Namibia that hosts its highly promising Jonker, Graff and La Rona discoveries.

The supermajor may also carry out an extended well test on one or more of its discoveries to better understand reservoir connectivity, amid concerns that the creation of new marine protected areas may complicate offshore operations.
Unfortunately rest of article is behind pay wall.

[douginil]

Maybe

[carsonckid]

Try this link

[buxmaker]

Not sure why the link didn’t work. Just go to YouTube and search for the most recent Sintana investor presentation. Their president gives a great presentation on exploration in Namibia and Pel 87.

[Ebenezer3]

Yeah I think you will have to provide a link to it. I don't think they allow videos to be posted. At least on my end the video didn't come thru.

[buxmaker]

Hey Ebenezer, check out this video. Very interesting stuff.

[manuel06]

Seismic survey have begun for the Saturn prospect and it's margins...PEL 87


https://www.offshore-energy.biz/seismic-survey-begins-over-pancontinentals-license-off-namibian-coast/

[buxmaker]

More news today. Seismic starting with results fast tracked for June

[buxmaker]

The news flow in the area is incredible, as is PCOGF’s recent option deal. The stock should get more volume and a higher price as longer term players take positions at these prices. It would help if the company would release news on US news wires.

[Ebenezer3]

On the US side probably not, at this point there's just not enough volume. My guess once the 3D seismic gets done and they announce a spud date we should see some action.

[ecmoney]

If shell announces a substantial find will we see a increase in pps???

Just asking because shell’s claim is nearby

In your opinion of course

Ec

[Ebenezer3]

Looks like Shell did it again.
Post by MrMoMnyMgr1995on Mar 03, 2023 12:18pm
55 Views Post# 35317773
Shell - Jonker-1 Third Major Discovery - Results Imminent
https://www.upstreamonline.com/exclusive/shell-makes-big-oil-discovery-offshore-namibia-results-imminent/2-1-1413816

Shell makes ‘big’ oil discovery offshore Namibia — results imminent
Sources tell Upstream that results of Jonker-1 probe could be revealed within days

3 March 2023 16:24 GMT UPDATED 3 March 2023 16:56 GMT
By Iain Esau in London

Shell looks to have a third significant oil discovery on its hands in Namibia’s red-hot Orange basin play and could make an announcement within hours or days, according to informed sources.

Early last year, the supermajor hit oil with its Graff-1 probe in Block 2913A, just ahead of TotalEnergies striking hydrocarbons at its huge Venus prospect in adjacent block 2913B and before Shell went on to have success with its follow-up La Rona-1 well, close to Graff.

In late January, Upstream reported that early signs from Shell’s Jonker-1 exploration probe — also in Block 2913B — were promising, with Northern Ocean’s semi-submersible rig Deepsea Bollsta understood to have hit hydrocarbons in a secondary target en route to the main reservoir objective.

[Ebenezer3]

Well I guess the only alternative is to slap the ask. lol the question is when they announce a spud date where will the SP be. Guessing it will be at least 0.02. will be interesting how quickly they can mature the prospects and get one drilled. Good day

[buxmaker]

Bizarre! not a single share traded today? 109 million shares traded overnight in Australia, with a move higher.

[douginil]

Well it is about time. I am not an expert on these type of deals so I will let others give opinions. But in general any forward movement is good.

[Ebenezer3]

Exactly as of right now there's absolutely no news flow regarding this deal, so we will see.

[buxmaker]

I think the share price should be much higher. They signed the extension and now a farm in with Woodside. The company is in an infinitely better position now than a few months ago, but the share price, at least in the US, is the same. I will be interested to see the reaction in the Aussie shares tonight. The news hit in Australia after the market was closed and hasn't been released here yet.

[Ebenezer3]

Once they announce the spud things will get interesting, right now everyone is looking at each other waiting for someone to make the first move. lol

[Ebenezer3]

Well what's not to like retaining 20% will be important when the drill starts. Whether it's Woodside who guessing they have the right of first refusal or more than likely a super major comes in and it an easy decision for management. Hell if I was in charge I would drill a well off the 2D. But the 3D will magnify all the prospects. Yeah congrats, we have something to look forward to.

[buxmaker]

News is massive. I am surprised there hasn't been a huge spike in the US traded shares. Hopefully they will release the news on a US wire service so investors here can see it.

[buxmaker]

Hey Doug, any comments on today's blockbuster PCOGF news?

[buxmaker]

What do you think Ebenezer? Are these terms about what you expected?

[buxmaker]

We got a deal!!!!

[carsonckid]

News!!!!




https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02638879-6A1138964?access_token=83ff96335c2d45a094df02a206a39ff4

[douginil]

Sorry I don't have a clue. Yes I would think there is great potential for a multi multi "X" with pancon.

[buxmaker]

Hey Douginil, any thoughts on PCL? The Total announcement was issued over a year ago. We have seen nothing but good news from the area ever since. Hard to believe these guys still haven't announced a partnership. When the announced at the annual a few months back that they were finalizing seimsic plans to begin in January, it seemed like everything was in place.

[buxmaker]

Things are lining up for PCOGF. Hard to believe there is no volume in the US shares when the aussie shares are at the 52 week high and we now have approval for seismic.

[buxmaker]

Huge volume in the Aussie traded Pancontinental shares. Over 50 million traded today, up 20%. Right at a 52 week high. Hopefully it will break out in tomorrow's trading.

[buxmaker]

Huge news, if true. Now we just need an official announcement

[Ebenezer3]

https://hotcopper.com.au/threads/2023-going-to-be-a-big-year.7161287/page-200. A map of the seismic coverage.

[Ebenezer3]

Seismic approval???...

Use two fingers to move the map


221213000685 - Proposed 3D Seismic Survey covering Blocks 2713, 2712A, 2712B, 2812B, and 2812A and Portions of Blocks 2813B, 2813A, 2814B, 2714B, 2714A, 2614 2613, 2612A and 2612B, Orange and Lüderitz Basins, Offshore Southern Namibia
The ECC is required by the Proponent for the proposed 3D Seismic Survey covering Blocks 2713, 2712A, 2712B, 2812B, and 2812A and Portions of Blocks 2813B, 2813A, 2814B, 2714B, 2714A, 2614 2613, 2612A and 2612B, Orange and Lüderitz Basins, Offshore Southern Namibia. Water depths of the area of interest ranges from ca-500m to -4000m from east to west respectively. Seismic survey is a key tool that resources companies exploring for hydrocarbons (oil and natural gas) use to map the subsurface and kilometres below the ground on land (onshore) or in the sea (offshore). The basic principle of seismic survey method is the application of controlled generation of sound / acoustic waves by a seismic source to obtain an image of the subsurface. The generated acoustic wave that travels deep into the earth, is reflected by the various rock formations of the earth and returns to the surface where it is recorded and measured by receiving devices called hydrophones. Airguns are the most common sound source used in modern offshore seismic surveys. An airgun is an underwater pneumatic device from which high-pressure air is released suddenly into the surrounding water. On release of pressure the resulting bubble pulsates rapidly producing an acoustic signal that is proportional to the rate of change of the volume of the bubble. The frequency of the signal depends on the energy of the compressed air prior to discharge. Arrays of airguns are made up of towed parallel strings. A single airgun could typically produce sound levels of the order of 220 - 230 dB re 1 mPa @ 1 m, while arrays produce sounds typically in the region of 250 dB re 1 mPa @ 1 m. Most of the energy produced is in the range of between 0 - 120 Hz bandwidth, although energy at much higher frequencies is also produced and recorded. High-resolution surveys and shallow penetration surveys require relatively high frequencies of between 100 – 1, 000 Hz, while the optimum wavelength for deep seismic work is in the 10 - 80 Hz range. During the survey operation, the seismic vessel records the data from all the hydrophones, including accurate coordinates of the vessel and its hydrophones. The proposed 3D seismic survey will employ numerous streamers and multiple hydrophones, providing enough data to give a detailed subsurface profile of the rock layers of the area of interest. The depths of the reflecting layers are calculated from the time taken for the sound to reach the hydrophones via the reflector. By analysing the time, it takes for the seismic waves to travel between the rock formations and the surface, geophysicists, geologists, and petroleum engineers use sophisticated software to create subsurface images /maps showing potential drill-ready subsurface geological structures called reservoirs that may contain hydrocarbons.

Prpject status APPROVED

For further information contact:
Ministry of Environment and Tourism

Department of Environmental Affairs

([phone] (T)

([phone] (F)

http://www.met.gov.na

Copyright © Ministry of Environment, Forestry and Tourism

[douginil]

Thank you for posting this link

[Ebenezer3]

Latest Quarterly report over on the ASX scroll down to announcements: https://www2.asx.com.au/markets/company/PCL

[Ebenezer3]

The Tungsten Explorer is underway for Walvis Bay Namibia ETA: 2/15 to drill appraisal wells for Total.

[Ebenezer3]

Shell hits hydrocarbons, Jonker-1 wildcat
Orange basin: Shell hits hydrocarbons in world's hottest new hunting ground
Jonker-1 wildcat has founds hydrocarbons on a different geological play to Shell's previous Graff and Rona finds offshore Namibia

Orange basin: Shell hits hydrocarbons in world's hottest new hunting ground | Upstream Online
https://www.upstreamonline.com/exclusive/orange-basin-shell-hits-hydrocarbons-in-worlds-hottest-new-hunting-ground/2-1-1392084

[buxmaker]

Starting to see some volume in PCOGF in the US shares, finally up to .01. Getting close?

[madmax]

PCL.AX Closed .009 / HOD .01 /.008 LOD ,

LETS Get Ready to Rumble !

[buxmaker]

Things are heating up in Namibia. Thanks for posting that article. Current market cap of Pancontinental is only $60 million. Anyone have any estimates as to where it should be valued with a farm-in deal with a major, if they can retain the 20% interest discussed at the annual meeting? $200 million?

[Ebenezer3]

Another drill rig contract for Namibia...by Total energies:. Multi-country Drilling Deal for Northern Ocean's Semi-sub
Bartolomej Tomic
Wednesday, December 14, 2022
©Odfjell Drilling


Oslo-listed offshore drilling rig owner Northern Ocean has won a contract with TotalEnergies for its Deepsea Mira semi-submersible drilling rig to be used in a "multi-country" drilling program.

Starting in the middle of the second quarter of 2023, the 300-day drilling program using the Norwegian-flagged drilling rig will initially kick off in Namibia.

TotalEnergies will have one 180-day option and one 90-day option to extend the charter for the rig previously known as the West Mira.

According to Northern Ocean, the deal adds around $135 million of firm revenue backlog to the company. The figure excludes bonuses, extension options, and demobilization.

The rig is managed by Norwegian drilling contractor Odfjell Drilling. The drilling firm has started reactivation work and mobilization preparation.

The news of the new contract comes just days after Northern Ocean's other semi-submersible drilling rig, Deepsea Bollsta, started its drilling contract with Shell in Namibia. Namibia is where both TotalEnergies and Shell made large oil discoveries earlier this year.

Scott McReaken, CEO of Northern Ocean, said: "This contract award from TotalEnergies marks a new beginning for the company.

"We have now secured full employment of our fleet while adding over $250 million in backlog since August. The Deepsea Bollsta has safely mobilized on time in Namibia, and we are excited to repeat a transit to West Africa with the Deepsea Mira for [TotalEnergies]. Together with our manager, Odfjell Drilling, we continue to build a position of strength in this recovering offshore drilling market.”

Northern Ocean on Tuesday raised around $45 million in gross proceeds through a private placement of shares, to fund the West Mira reactivation costs, working capital, and other general corporate purposes.

Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.

[buxmaker]

Finally some volume in the US PCOGF shares today. Bring on some news!

[madmax]

.008 /.009 not .08 ,wish it was ,in future maybe $1.00 make you holler ??????

[buxmaker]

Pancontinental's stock has been doing well in Australia. Up to .08 on pretty heavy volume. Investors seem to be positioning themselves for future announcements. Surprised we aren't seeing similar moves and volume with the US shares.

BUX

[Ebenezer3]

Looks like the Deepsea bollsta drill platform is headed out to drill Shell's well called Jonker-1 should arrive around 12/09.

[Ebenezer3]

Yeah Thanks ??, looks like the lights are on and their getting ready to open the gate and let this run a bit. Good day!!!

[buxmaker]

Extension granted and relinquishment waived for Pel 87! Here we go!

[douginil]

Thanks for posting the comments.

[Ebenezer3]

Wow good find, thanks for digging that one up. Kinda like publisher clearing house knocking on ur door, lol. This is that moment when I wish I bought more, maybe no one is paying attention, hahaha. Have great day

[buxmaker]

This is a post from Hot Copper from someone who attended the meetings and asked questions-

OK here it is:

Fisrtly let me say that these guys are old and by old I mean old. I am not being ageist, just goes to explain some things I write below.

1. Communication is crap because they are old school and don't talk or inform unless there is news
2. They treat potential partners with respect and don't like social media or stories that get out via hotcopper to get back to potential partners
3. Namibian Govt are very relationship focused and don't take well to news and rumours being on the internet before they even know or agreed.
4. Extention, Farminee and 3D are alll tied up together and they are hopefull it will all come together but its a juggling act
5. They have spoken with Total, Shell and Cheveron
6. They have almost got a 3D company on board that will assist in any deal
7. Any deal struck will pay for 3D and drill and they hope to retain 20%
8. They reckon saturn complex has 1billion plus recoverable
9. They addressed 5 or 6 questions from an email that was sent to them form a hotcopper person
10. They say we have a terrific future and hope for many multiples of SP if it all comes off

Basically these guys won't say anything unless a deal is signed and are sorry that things have taken so long but covid had a big impact. It is only recently that people have approached them due to recent discoveries so things are looking good.

I am holding as it does appear a deal may get done but we won;t know anything until it happens. How ling that will be is anyones guess.

Cheers,

Rooey

[Ebenezer3]

New presentation out, Very interesting. Talking about 3D seismic possibly Jan 2023:. https://www2.asx.com.au/markets/company/PCL

[buxmaker]

PCOGF annual meeting is in less than two weeks. If we don’t get news by then, you have to think management will be forced to provide some kind of updates on the progress of farm out negotiations and potential lease extension on PEL during the q & a portion of the meeting.

Also, if you read the chairman’s letter released a few weeks back, it was short on specifics, but the tone was pretty upbeat. He wrote that he is “ confident of exciting times ahead”. They must know by now whether either an extension and/or a farm out are likely. If farmout negotiations had collapsed or were unlikely to lead anywhere, or if the Namibian gov was resisting a lease extension, it would be irresponsible of him to express his confidence in that way.

Anyone have any thoughts of predictions?

Bux