second discovery onshore kenya, page-14

Possible the share price was muted by the previous release of of the oil encounter (without details), a few weeks earlier.

Also came across this from a blog.

Directly this has very little on PCL other than showing a nearby basin has oil creating characteristics, we know this from Mbwana-1. It does help knowing of drilling success in rift valley settings. It probably does excite Tullow, not usure how this will affect their stake in L8.



:-
http://eafricaenergy.blogspot.com.au/2012/11/tullow-oil-confirms-30m-of-net-oil-pay.html

"
Analysis:

Given Tullow previously confirmed that the Twiga South-1 well was an oil discovery in its recent IMS statement, the level of net pay compared to Ngamia (c.100m) will be seen as a disappointment. However, the Twiga South-1 well was drilled further away from the basin bounding fault (4kms) than Ngamia (2kms), which suggests that incremental net pay should be encountered further updip in the Twiga South-1 structure. In addition, it should be remembered that this is the second discovery made in a frontier-basin (100% success rate). The Twiga South result also provides confidence of an active and highly generative source rock working in the region and we still believe that the sub-Lokichar basin could hold towards 1bn bbls of recoverable oil across the 10-15 prospects that have been mapped.

No net pay was encountered from the Lower Lokhone reservoir section, which provides uncertainty on the existence of any deeper reservoir potential across the Lokichar basin. The Twiga South well instead penetrated a thick section of tight fractured rock below 2,272 metres that had hydrocarbon shows over a gross interval of 796 metres. Tullow was able to sample moveable oil with more than 30 degree API from this section. Further evaluation will be required to understand the extent of the tight fractured rock, but we believe that any productive potential is likely to be limited.

A series of flow tests will now be conducted on the Twiga South-1 well over the next 4-8 weeks. Following completion of the testing programme, the rig will move back to flow test the Ngamia1 well. Both wells have encountered varied reservoir quality and the flow rates
Achieved will be important in understanding the level of resources required to underpin a commercial development.
Given the reservoir quality encountered to date and the need for more development wells, we would expect a commercial threshold would be closer to 400m bbls.

The way forward:

Tullow plans an active exploration campaign across the region. The Paipai well targeting the Cretaceous rift play in Kenya is currently drilling and we expect a result by the end of the year. In addition, Tullow plans to spud the Sabisa prospect in early 2013, located in the South Omo area (Ethiopia). Once flow testing is complete on both Twiga South and Ngamia, we expect Tullow to accelerate drilling across Block 10BB and 13T in Kenya targeting follow-up wells to the Ngamia and Twiga South results. "