dolmen stockbrokers of ireland likes pcl, page-19

An update from Dolmen Stockbrokers of Ireland......


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20th March 2012

East Africa - Activity and interest continues to build

"Anadarko and Tullow both delivered corporate updates last week that will only increase the building industry and investment community’s interest in this emerging hydrocarbon province.

We anticipate that this interest will intensify further this year with at least 18 wells expected to be drilled offshore. Exposure to this play can be accessed through large cap names like Anadarko, ENI, BG Group or Tullow while junior explorers such as Cove, PanContinental or Ophir also provide leverage to the province.

Anadarko noted the remaining upside potential in the area citing additional gas and oil prospectivity in Mozambique while drawing attention to its significant acreage in Kenya where 3D seismic has recently been shot.

Tullow also drew attention its onshore well Ngamia in Kenya and discussed an “exciting” oil objective offshore Kenya that will be drilled in Q3 with Pancontinental holding a 15% stake in the well.



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