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PCL Pinnacle

0.875
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pinnacle LSE:PCL London Ordinary Share GB00B1899T70 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.875 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.875 GBX

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Posted at 23/7/2014 11:18 by ohisay
From Malcy today.

Tullow

Heard on the street that Tullow have been pleasantly surprised by its seismic data in Namibia and have identified several very interesting prospects.

And...



Namibia EL 0037 Exploration Update
Early interpretation of Seismic yields Major Offshore Prospects; 3D
– based mapping under way
 Early mapping identifies major prospects in EL 0037, offshore
Namibia. New 3D & 2D data are being used to confirm early mapping.
 The Albatross Prospect has potential to contain 422 Million Barrels of
Oil (gross unrisked mean) or 1.093 Billion Barrels of Oil (P10), from
initial mapping (See cautionary Statement Below)
 Further prospects and leads have gross mean risked potential
resources exceeding 150 Million Barrels of Oil (See Cautionary
Statement Below)
Posted at 17/6/2014 08:15 by barrieb
Hi Jonno1 & Norman115

As an investor in PCL I have been trying to source the best way to receive news as soon as it is released from Australian companies but with little success.

The PCL website option can take a long time to come through and the ASX only has an iphone app as far as I can see.

Would either of you be able to point me in the right direction please for a PC based investor (will also have an Android based phone in the near future).

Also holding FAR, PVD, TPT.

Hope you can help.

Regards

BB
Posted at 17/6/2014 06:55 by jonno1
Sunbird-1 oil zone verified offshore Kenya hxxp://clients2.weblink.com.au/clients/pancon/article.asp?asx=PCL&view=6681014

up 70%
Posted at 28/4/2014 06:33 by norman115
Tullow is working at a cracking pace.



A good result from drilling in the adjacent block by Repsol and Tower should wake up the Aussies and put a rocket under the share price.
Posted at 17/4/2014 06:31 by norman115
An excellent presentation from PCL.
Posted at 18/1/2014 12:59 by jonno1
well as we are at the same price we were three years ago I would say that description is pretty apt...
I am also a LTH of another great stock FAR.ASX as I would guess you are, also at three year lows
Posted at 18/1/2014 12:23 by ohisay
Hi OilRT .
Welcome to slumberland.!

Is the A$30m enough to cover 2014 work commitments

I don't really think so - it would be a stretch if BG want to drill a second well this year.
I reckon they will have 12 to 15m$ cash post Sunbird so they'd need another fundraising of say 10 to 15m$ to participate in that and to do something on L6 (if that goes ahead assuming they get a farm out and back costs of 10 to 13m$/and some kind of carry on the well) and for general working exp.

On a worse case - duster at Sunbird - price might drop to 2.5c/3c say 2.75c .
At that point Market cap 32m aud/ cash 12m aud /EV 20m aud which doesnt strike me as the end of the world for a company with a potential 30% free carry drill in Namibia next year.So I wouldn't mind another small placing.
Maybe the market thinks theres another placing due now given the price has dropped 20% since drilling started two weeks ago.
They are as bemused as I am on Hot Copper bb's.
As a comparator for that 30% I'm sure you're aware of TRP which is still trying to get the cash together for its 30% of the upcoming drill and was valued at 130m£ a few weeks ago when its got SFA else if welwitchia goes pear shaped.
Bonkers!
Posted at 17/1/2014 21:48 by oilretire
but I'll save my comments for Advfn

I see your talking to yourself over here - always a good sign ;-)

Had a quick look a year or so ago, but didn't like to get more offshore Kenya exposure in my folio so dismissed them without too much research.

On the face of it the market cap looks crazy - Market Cap. (at $0.068) A$78m on the December presentation. Price now $0.05

What's the catch? Why didn't TLW just snaffle them up and crack on with the Namibia work on their own until at drill ready state then farm down themselves & just let the partners get on with the various Kenya blocks on their behalf?

Is the A$30m enough to cover 2014 work commitments?
Posted at 06/1/2014 12:12 by ohisay
JV partner Pancontinental Oil & Gas has advised that operator BG Group has spudded the exploration well Sunbird-1 in Licence area L10A offshore Kenya, using the drillship Deepsea Metro 1.

The Sunbird-1 well is planned to take 50 to 60 days to drill to 3,000m below sea level, with an option to extend to 3,700m. Extensive wireline logging and both pressure and fluid sampling are planned. The Joint Venture intends to plug and abandon the well in accordance with normal good oilfield practice regardless of the drilling outcome, however it is planned to leave the well in a condition that would allow re-entry at a later date. Water depth is 721m.

Hartleys have this as 142c unrisked to PCL.
Posted at 19/7/2012 21:15 by shutittrev
The following narrative is taken from Michaelwalters.com. with his permission.

(I subscribe to this site and following Mike's success with Cove Energy, a 10 bagger, and Ophir Energy, also big gains, this is another recommendation for an East African play.)...Well worth the subscription fee.

Punting East Africa


In olden days, British enthusiasm for Australian resource stocks turned out to be little more than a device for funneling money from the wallets of unsophisticated Poms straight into the pockets of bonzer Aussie blokes. That was then, and this is... well, let us hope a little different, especially when it comes to looking at Pancontinental Oil & Gas (PCL).

This time, at least, we are not talking about investing in fairy tales of digging holes in the Australian bush (remember when one claimed to find gold when digging a latrine?), but in holes in the hottest current hydrocarbon area in the world – East Africa. This, be clear, is a gamble, one I have hesitated over for months, simply because if Pancon does not strike lucky with the drill bit, the shares will take a hefty hit. On the other hand, if they do get lucky, we could be up, up and away.

More hesitation also attended this report because it is not normally my idea to put money into companies which are not quoted in London. Such companies are often ruled (I did not say manipulated) by diamond geezers in their home market, and the action often takes place before word reaches Britain. But there is a decent market in Pancon over here, and checking in the early afternoon today (Thursday) some three million shares had traded with the price at Aussie cents 18.5 to 19 cents, equivalent to about UK13.5p.

Pancon is one of the few smallish independent companies (market capitalisation quite chunky at about £120m) which has decent exposure to the remarkable East African offshore drilling boom, which has seen something like 19 winners out of 21 wells. Star, of course, is our good friend Cove Energy, currently a ten-bagger plus for subscribers as it enjoys being target of a bid battle. But others have scored heavily in the area, with major discoveries by ENI, BG and Statoil.

Our first choice gamble to succeed Cove is Ophir (OPHR), and there is much more on the area in the reports which can be found by entering OPHR into the search box on the left at the bottom of the front page. Pancon does not offer anything approaching the opportunities of Ophir, but carries a much lower value and is barely known in the UK market, which gives it greater attraction as the story begins to get around.

That ought to happen in the weeks ahead. Drilling should start next month on the giant Mbawa prospect on the L8 permit offshore Kenya. This is the first of four wells offshore East Africa where there should be drilling in the next 12 months. Success at any of them could transform the company's rating.

Pancon has 15% of L8, along with Tullow, and the operator is Apache. It also has 15% in blocks L10A and L10B to the south, where Cove has a stake and where BG is the operator. And it has 40% of block L6 (operator FAR) to the north of L8, with the southern section adjoining L8 in a crucial area.

The big excitement is over Mbawa, where, encouraged by the presence of oil slicks, the boys are betting on oil, with perhaps some gas. Apache says 'The Mbawa prospect is situated in the L8 License offshore Kenya ...The Deepsea Metro 1 (UDW drillship) is slated to drill the Mbawa prospect. The well is expected to take about 45 to 60 days to complete to a planned total depth of 10,662 feet (3,250 meters) subsea in a water depth of 2,821 feet (860 meters). It is estimated that Mbawa has maximum potential to contain 4.9 billion barrels of oil-in-place at the main Tertiary/ Cretaceous level with significant additional potential also to be tested by the well at the deeper Upper Jurassic level and shallower Tertiary levels.'

(MW resumes here. Sorry I don't know how to change back to my normal type) The structure runs north/south on a ridge, and 3D seismic has helped identify several prospects, with prominent possibilities to the south stretching into block L9 where Ophir has a 60% stake and plans for a drilling programme in 2013. Pancon is carried for the first $9m on Mbawa, and could have to contribute a further $4m or $5m to the drilling.

Last month Pancon announced the start of the Kifaru offshore seismic survey in the L6 exploration block, to the north of L8. This should finish this month, with Pancon's share of cost at $5.5m. The area is in the Lamu Basin and within the Tana River delta, and appears to carry similar structures to those which have brought the massive gas finds by Anadarko (Cove) and ENI in the Rovuma Basin off Mozambique to the south. There are plans to drill in 2013, all being well.

The other offshore Kenya blocks, L10A and L10B to the south of the Ophir-operated L9, have 2D and 3D seismic and have been fast-tracked by operator BG with the possibility of drilling in the fourth quarter of this year or early in 2013. Once again, these blocks display similar qualities to the Rovuma Basin with numerous leads and supplemented by oil seeps at Pemba Island, just across the border into Tanzania.
The offshore Kenya licence portfolio holds out prospects of considerable action this year and into next, and is the main centre of excitement over Pancon. But the company also holds 85% of three large blocks offshore Namibia in South West Africa. There are oil seeps in this little-explored area, and it is attracting growing attention.

Nearby, BP has farmed in to Serica acreage, Chariot has started drilling and Eco Atlantic Oil and Gas has come up with an independent estimate of potential resources of almost 8bn barrels in an adjacent area. It could be something – or nothing.

After rising to about 23c earlier this year, Pancon shares slipped almost to 15c as the company moved ahead with a financing, raising A$45m by issuing shares at 17.5c. Counting cash already in the business at March 31, that means Pancon has maybe A$58m, and is well financed for the year ahead. The share price settled for a while and has just started to move ahead again.

So far, it is little known in the London market. Dublin broker Dolmen produced a brief report late in March, calling it a speculative buy with a price target of 30c. If you go to the company website at www.pancon.com.au, there is a very full report from company broker Hartleys, and I have drawn upon that in this report.

Once again, this is an unusually speculative recommendation, and it depends massively upon what happens with the drill. There is never any guarantee of that, but those who understand such things are optimistic about Mbawa, and there are three other interesting licences in a prolific area. As drilling results approach, and more wake up to what is going on, the shares could move usefully higher.

And, of course, the phenomenal success the majors have had offshore East Africa means that the big boys are looking to buy into anything which has reasonable assets. And Mbawa could have oil, more valuable than gas. If Pancon gets lucky, the chances of a bid before too long must be high.
Good luck.
Pinnacle Staffing share price data is direct from the London Stock Exchange

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