Pancontinental Energy NL (PCOGF)

[DrillaHill]

Great News!!! Tullow enters into Namibia farmout deal:

(07/04/17) Namibia PEL 37 – Tullow Oil enters into
Farmout Agreement with ONGC Videsh Limited (India)

clients2.weblink.com.au/news/pdf_2%5C01871293.pdf

Pancontinental Oil & Gas NL (ASX:PCL) (“Pancontinental”) has been informed by
Namibia PEL 37 project operator Tullow Namibia Limited (“Tullow”), (formerly Tullow
Kudu Limited) a wholly owned subsidiary of Tullow Oil plc, that Tullow has signed a
Farmout Agreement regarding Namibia PEL 37 with ONGC Videsh Limited (“ONGC
Videsh”).
Pursuant to the Farmout Agreement, Tullow has agreed to transfer to ONGC Videsh
a 30% non-operated Participating Interest in PEL 37, subject to the satisfaction of
certain conditions. Tullow will remain the Operator with a 35% interest.
Tullow has requested Pancontinental’s consent to the proposed transfer to ONGC
Videsh in accordance with provisions of the JOA.
ONGC Videsh has today also made an announcement regarding the Farmout
Agreement.
Commenting on the proposed Farmout, Pancontinental CEO Barry Rushworth said:
“This is a welcome development. The credentials of ONGC Videsh are well known to
us and we expect this to be a positive step toward testing the large oil potential of
PEL 37”.

:)