Pancontinental Energy NL (PCOGF)

[DrillaHill]

Drilling to commence on 1+Tcf Natural Gas Well

SGC: Dempsey 1-15 Well Commencement of Drilling (08/01/17)

Sacgasco Operated Dempsey 1-15 well is planned to spud in Sacramento Basin, California on August 1, 2017 (California time)

Drilling expected to take 30-40 days to drill to Economic Basement at around 3,200m (10,000ft) - Operational reports will be released weekly – with key operational events and results to be released consistent with the Company’s continuous disclosure obligations - The Dempsey natural gas well is planned to be drilled in three discrete sections to depths of approximately 600m, 2,000m and 3,200m associated with decreasing planned casing sizes. Sacgasco interprets seven target gas reservoir levels. Individual, unrisked Deterministic Prospective Resources for the primary targets range from 116 Bcf to 352 Bcf of recoverable gas. Should all the stacked reservoirs be full of gas, the cumulative unrisked recoverable Prospective Resources within the prospect could exceed 1 Tcf.

Working Interests in the Dempsey Gas Project:
Sacgasco Limited (ASX: SGC) (Operator) 50%
Empyrean Energy PLC (LON: EME) 30%
Pancontinental Oil and Gas NL (ASX: PCL) 10%
Xstate Resources Limited (ASX: XST) 10%


Managing Director Gary Jeffery (Sac) commented:
"Drilling the Dempsey well is one of the most anticipated and exciting wells I have been associated with in my 45 year career. It has the potential to change the industry’s perception of the Cretaceous and Jurassic sediments in the under-explored parts of the Sacramento Basin, and subsequently the future of the 2.5 Tcf per year Californian Natural Gas Market."

GLA