it begins, page-9

Can't really understand the ridiculously low share price of this company with the obvious facts stated below. MMR, BUY, FAR have got no hold on the progress of PCL but yet the sp hovers around 0.030. A supermajor ("being Origin") has itself indicated 1 billion barrels of OIP and has progressed for farm-in agreements to carrying out seismic readings of the giant prospect. PCL is now being free-carried all the way to drilling of the well...

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06 Aug 2008

Origin Energy (Kenya) Ltd (“Origin”), as Operator, is pleased to advise that, subject to the completion of further specialist seismic work, the Kenyan Ministry of Energy has granted a six month extension to the First Additional Period of Production Sharing Contracts (PSCs) for Blocks L8 and L9 located in the offshore Lamu Basin, Kenya.

The date by which the two joint ventures, both comprising Origin Energy ( Kenya ) Ltd (75%), Pancontinental Oil and Gas NL (10%) and Afrex Ltd (15%), have to commit to enter the Second Additional Period now is 21 January 2009 for each block.

The Second Additional Period requires the drilling of an exploration well in Block L8 and the acquisition of 3D seismic in Block L9 in the first year. Under an existing farmin agreement, Origin must fully fund the costs associated with this work.

The Joint Venture has matured the large Mbawa prospect to drillable status in Block L8 (ref Attachment). From exploration studies completed, Origin estimates that this prospect could contain in excess of 1 billion barrels of recoverable oil in Tertiary/Cretaceous reservoirs. Seismic across the prospect is associated with a prominent Direct Hydrocarbon Indicator (DHI) and there are hydrocarbon seeps on the sea surface above the structure. Potential Jurassic aged reservoir objectives are mapped in a larger, but faulted, structural closure below the Tertiary/Cretaceous trap.

The Mbawa structure remains an exploration prospect and will need to be drilled to establish the presence of hydrocarbons or otherwise.

Origin is actively seeking other companies prepared to participate in the drilling of an exploration well on this prospect in Block L8 and in the acquisition of 3D seismic across a structural trend where Jurassic aged sediments provide a potential reservoir objective in Block L9.
Blocks L8 and L9 Joint Venture participants:
Origin Energy ( Kenya ) Ltd 75% Operator
Pancontinental Oil and Gas NL 10%
*Afrex Ltd 15%
* Wholly owned subsidiary of Pancontinental Oil and Gas NL