Pancontinental Oil & Gas NL (ASX:PCL) is an ASX listed exploration company targeting conventional oil and gas projects.
It has key assets in Africa (Namibia) and the USA (California). The Company’s portfolio includes:
a) Lower entry cost, onshore gas projects that can be quick to drill and develop for commercial production, paired with;
b) Large resource potential offshore oil projects where the Company has strong international partners funding activity on its behalf
Main Drivers 2017/18
PANCONTINENTAL FULLY FUNDED FOR THREE WELLS (August 2017)
Dempsey-1, California (10% working interest)
Pancontinental’s first of two fully funded wells to be drilled in 2017, Dempsey-1 in the northern Sacramento Gas Basin, commenced
drilling on 2 August 2017. The well is programmed for a total depth of 3,200 metres (approximately 10,500 feet). The well is testing a
large 3D defined structure with multiple stacked sandstone reservoir targets. Dempsey net prospective resources: 77 Bcf
DEMPSEY -1 WELL TO BE FLOW TESTED (September 2017)
"After reaching total depth of 2,970m or 9,750 feet, the Dempsey1-15 gas well has been completed with 5 ½ inch casing for
production testing. In addition to potential gas pay identified in the shallower well section, wireline log data have confirmed
a number of gas saturated zones in the deeper, primary targets."
1st Zone "with subcommercial rates" (November 2017)
2nd Zone "with a flowrate of 140mcf/d" (December 2017)
3rd Zone "with a flowrate of 195mcf/d" (April 2018)
Kione Zone "with a flowrate of 1000mcf/d (May 2018)
4th Zone "testing preparations are underway" (May 2018)
Tulainyo-2, California (earning equivalent 13.33% working interest)
Tulainyo net prospective resources: 233 Bcf
Drilling of the Tulainyo Gas Discovery Appraisal Well has commenced (11/22/17)
The well is planned to a total, measured depth of 1,700 metres (5,600 feet) with drilling operations expected to take less than one month to complete.
Tulainyo Drilled and Preparing For Gas Flow Test Program (December 2017)
Drilling completed, Gas indicated in all primary reservoir targets, Production casing being run ahead of flow test program.
Tulainyo 2-7 Gas Flow Test Program Update (April 2018)
Testing has so far been conducted in two stages over a range of zones between total depth of 5,710 feet and 3,600 feet. Inflows of good quality gas
at modest rates are currently being achieved but not yet measurable per zone. The results so far are believed to be impeded by near wellbore damage
to the gas reservoirs.
Namibian PEL 37 (20% working interest)
PEL 37 Joint Venture Votes to Drill Offshore Namibia (11/27/17)
The PEL 37 Joint Venture has voted to drill the Cormorant Prospect offshore Namibia, with a targeted spud date of 1 September, 2018. Pancontinental will
have an effective 20% carried interest uncapped through the cost of drilling the well. Operator Tullow has already commenced drilling preparations.
Pancontinental estimates Cormorant has potential to contain Prospective Resources of 124 MmBbls of recoverable oil on an un-risked Best Estimate basis.
The Cormorant Prospect was unanimously selected by the PEL 37 Joint Venture as the first test of a series of large oil-prone prospects in PEL 37 that have
been mapped by operator Tullow using high quality 3D seismic.The cumulative Best Estimate oil resource potential of the leading four mapped prospects
in the block total 915 MmBbls recoverable oil.
ASX Releases
ASX Releases on Pancontinental Oil & Gas
BROKER REPORT
Stock Analysis – Pancontinental Oil & Gas NL 2017 (08/30/17)
Video presentation with CEO
Pancontinental Oil & Gas CEO John Begg presents to 121 Oil and Gas, London (10/31/2017)
PCL (ASX in AUD) AUD USD
Brent Oil Natural Gas
ASX Code: PCL
Shares Outstanding: 5,262m
Market Capitalisation: US$38m (@ AUD 0.01/share - August 2018)