dolmen stockbrockers speculative buy on pcl, page-12

ANother update from DOlmen

Target at 0.30 which I would say is on the money

http://www.dolmenstockbrokers.ie/reports/Dolmen%20Daily%2013%20June%202012.pdf


Overnight, Pancontinental announced that it has started its 3D offshore seismic survey of Kifaru, in the L6 licence offshore Kenya. The company has a 40% interest in the licence, the remaining 60% being held by the current operator FAR. The data acquisition, which should be completed in early July 2012, will cover about 680 sq km and cost $13.67m (Pancontinental’s share is $5.5m). Licence area L6 off the Kenyan coast lies in the Lamu Basin and within the Tana River delta, north of the recent natural gas discoveries off the coasts of Mozambique and Tanzania. Current interest in Pancontinental centres round its first offshore Kenya well on the Mbawa Prospect in Block L8, which is being drilled by Apache Corporation in Q312. Pancontinental has a 15% stake in that prospect, in partnership with Apache (50%), Origin Energy (20%) and Tullow (15%). As such, today’s announcement is an incremental positive for the company, illustrating continued progress in a second target area, that is commencing slightly ahead of schedule (3D seismic had been pencilled in for Q312).