Pancontinental Energy NL (PCOGF)

[kayakbob223]

A post from Hot Copper:

Well it does appear that FAR is even more excited about Sunbird than PCL. This is what they have to say:

".....
The Sunbird-1 well is the first well to be drilled into the Miocene reef play that extends along the coast of Kenya in the Lamu basin as shown in the above map. The play extends into FAR’s Blocks L9 and L6 as also shown.
Important to note from PCL’s ASX release is that:
? Sunbird-1 contains a hydrocarbon column
? Hydrocarbons have been recovered from the well
? Drilling mud losses were suffered during the drilling of the well
From these points, we can conclude that there is a working hydrocarbon system in place, there is a working seal over the Sunbird prospect allowing the formation of a hydrocarbon column and that the reservoir is highly porous and permeable, resulting in the loss of mud while drilling.
This is very encouraging for the Miocene reef play along the margin and especially for confirming the attractiveness of the Kifaru and Kifaru West Miocene prospects mapped in Block L6.
....."

I wonder why they are so excited! and they are not even a partner! So guys, take a hint.

I hold both FAR and PCL. I have also changed my sentiments on PCL from hold to buy.