Pancontinental Energy NL (PCOGF)

[DrillaHill]

Still trading at all time lows here - this is likely to change if Tullow tells us if and when to drill. The final decision should be made anytime this month as "Tullow has reportedly committed to drilling an exploration well offshore Namibia by late March 2017"

As of the Quarterly Activities Report September 2016 - "The farmout agreement under which Pancontinental is fully carried for this exploration period states that a well is to be drilled by March 2017, one year earlier than that required under the terms of the Petroleum Agreement.", so according to the Petroleum Agreement with Namibia we may spud a well by March 2018 at the latest.

Also we might get the approval for our latest Farmout Agreement (Namibia, Nov 16) anytime now: - "The agreement with AEC is subject to the satisfaction of certain conditions including the consent of Pancontinental’s joint venture partners and the Government of Namibia and including AEC being satisfied with its due diligence enquiries, all of which must be satisfied within 90 days or such longer period as the parties agree. Pancontinental agrees to assign a 10% interest in Namibian project PEL 37 to Africa Energy Corp. (“AEC”) - In exchange AEC will make staged payments, subject to certain conditions, expected to total US$6.5 million (approximately Australian Dollars $8.5 million) - Pancontinental retains a 20% free-carried interest in Namibia PEL 37 - New partner AEC is building an African oil portfolio, assembled by ist highly regarded team drawn from Tullow Oil (Tullow), Africa Oil and Lundin Group."

Market Cap currently only US$5.2m (@ SP of A$ 0.004),
PCL (ASX in AUD, 1.72B Shares)


High Risk - High Reward
fingers crossed!