Originally Published Wednesday, 11 December 2013
Pancontinental’s Upcoming Kenyan Well
Recommendation:
Pancontinental is always
a speculative buy.
Recent poor drilling results by Tullow Oil Plc, in
the north and west of Kenya and in southern
Ethiopia may have spooked the market, but
these results have no relevance to the outlook
for Pancon’s exploration programmes, offshore
Kenya and offshore Namibia.
Pancontinental Petroleum
(ASX: PCL) intends to add to the market’s recent oil & gas
drilling momentum, joining companies that are either drilling or planning to drill high
impact wells over coming months, including MEO, FAR, Neon, Tangiers, Otto, Cue, Pura
Vida, Buru, Octanex and NZOG.
The company and partners including UK giant BG, have scheduled drilling on the Sunbird
prospect during H1, 2014 just 25 kilometres offshore from the Kenyan port of Mombasa.
Sunbird is a large, well defined Miocene pinnacle reef structure in an area which is
considered to have high potential for oil. This type of buried reef is often found to be a
prolific producer, having high deliver-ability because of excellent porosity and
permeability, but only drilling can tell if hydrocarbons are present at Sunbird. By the end
of March ’14, subscribers should know the result.
Stock Analysis calculates that this large structure covering 73 km
2
has potential to hold
reserves of over 360 mmbbls of recoverable oil, but even discovery of 200 mmbbls would
have a value to Pancon’s 18.75% interest of around 39 cents per share.
Pancon is well funded with $33 million of cash and farm
-
out funding support over this
L10A Block and its EL37 permit offshore Namibia. Additional farm
-
in funding is being
sought for drilling of the Kifaru prospect with FAR on L6 to the north of L10A, where
Pancon now has 40% post the withdrawal of Apache Energy.
Sunbird is just one of at least 12 inboard leads and prospects that offer follow
-
up
potential should drilling show promise, with a second well penciled in for later in 2014
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Originally Published Wednesday, 11 December 2013...
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10 | 4010965 | 0.021 |
22 | 10475272 | 0.020 |
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Price($) | Vol. | No. |
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0.024 | 19647825 | 4 |
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0.026 | 4350900 | 7 |
0.027 | 4062035 | 9 |
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