Pinnacle Staffing Share Discussion Threads

[ohisay] 12/5/2015 05:17

And last Qtrly.



Market Capitalisation - @ 1.2 cps - $13.8 m
Issued shares – 1,151 million
Cash at End of Quarter - $2.9 million

EV 11m$ or ~ 6m£

Which is cheap considering they have a free carry on the namibian well.
But then that cash position needs supplementing one way or another.
FAR might also be interested longer term in a tie up if their Senegal appraisals turn out well later this year.

[ohisay] 12/5/2015 04:39

Have started accumulating here after selling in my Autumn clearout at 4.6c.
Cheap at the mo as I think TLW will now be (at least) looking at drilling Namibia in 2016 with well costs coming down 40%...and market looks to be stabilising.
But lowish on cash and AUD/GBP rate now could run to 2.10 so slowly monkey.

Outside chance TLW might be interested in an outright takeout.



It also may seek out “specific assets” in Africa, although he declined to give further details. Tullow has major operations in Ghana, Uganda and Kenya.
Mr Heavey said it is assessing potential licence bids in areas adjacent to where it currently operates, and also in new territories.
“We have always been aggressive in chasing acquisitions in downturns,” said Mr Heavey. “We hope to complete some deals this year. It is a buyers market. We get licences because of the reputation of our company.”

Last presentation..

[ohisay] 23/7/2014 12:18

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)

[ohisay] 17/6/2014 13:44

Try Hot Copper for a good debate.



I doubled up at 2.4c so this a nice surprise.
More to come I think.

[barrieb] 17/6/2014 09:15

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

[norman115] 17/6/2014 08:31

Beat me to it Jonno1. It is excellent news indeed!

[jonno1] 17/6/2014 07:55

Sunbird-1 oil zone verified offshore Kenya hxxp://clients2.weblink.com.au/clients/pancon/article.asp?asx=PCL&view=6681014

up 70%

[norman115] 28/4/2014 07:33

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.

[norman115] 17/4/2014 07:31

An excellent presentation from PCL.

[ohisay] 11/2/2014 10:14

Updated Hartleys note incl news of Kenya farm out.

[ohisay] 28/1/2014 15:27

See page 42.

[jonno1] 18/1/2014 12:59

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

[ohisay] 18/1/2014 12:23

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!

[oilretire] 17/1/2014 21:48

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?

[ohisay] 06/1/2014 12:12

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.

[ohisay] 03/1/2014 15:35

Three new December Broker notes .I've been adding in advance of Sunbird .
$33m AUD cash in the kitty.

[triples] 09/11/2012 00:29

Any idea when they are going to start the detailed mapping (3D?) of the leads on their Namibian licence?

tia

[eipgam] 01/10/2012 17:02

I read today that Apache had confirmed that the well was unecomomic... are all of PCL prospects offshore? and when is the next news due... I see the share price is dying on the vine.