Pancontinental Energy NL (PCOGF)

[DrillaHill]

Chairman's Address to Shareholders, Annual General Meeting Presentation
Chairman's Address to Shareholders
Annual General Meeting Presentation
Results of Meeting
ASX:PCL


"...Now, the Pancontinental group holds fully funded exploration assets and is running
on a tighter corporate cost structure with no debt.
The Company’s key asset in Namibia has been part of the exploration portfolio since
2011. In 2013, Tullow Oil through a subsidiary, farmed into the Namibian offshore
licence PEL 0037 for 65% in exchange for a programme of seismic, processing,
mapping and an exploration well worth in excess of US $100 million. Since 2013, the
joint venture has completed seismic and associated studies and is now working
towards agreeing a suitable location for drilling. The possibility of drilling offshore
Namibia provides a significant opportunity for the discovery and development of the
potential resources identified in the area.
This morning Pancontinental announced to the Australian Securities Exchange one of
the most important deals in its Company history. Africa Energy Corp (“AEC”) and
Pancontinental signed an agreement for the assignment of a 10% interest in
Petroleum Exploration Licence 0037 to AEC in exchange for a staged payment plan
expected to total US $6.5 million (~AU $8.5 million), subject to certain conditions.
The Company will retain a 20% interest in the License, free carried until the first well
has been drilled. This farmin deal as well as the 2013 Tullow deal show powerful
industry support for Pancontinental’s concepts offshore Namibia.
..."