Pancontinental Energy NL (PCOGF)

[DrillaHill]

"Pancon has sought an update from Tullow" (04/04/17)

Namibia PEL 37

Under the Farmout Agreement between Tullow Kudu Limited, (now Tullow Namibia Limited)
(“Tullow”) and Pancontinental Namibia Pty Ltd (“Pancon”) dated 5 September 2013, the
drilling of the first exploration well was to commence no later than 27 March 2017 provided
a drillable prospect had been identified from the 2D and 3D seismic surveys. Although Pancon
considers that a drillable prospect has been identified within PEL-37, Tullow considers that
further work is required to identify a drillable prospect.
Pancon has sought an update from Tullow on the current status of that ongoing work and
will report on that update when it is received, which Tullow has informed Pancon will be,
during the first half of 2017.