Pancontinental Energy NL (PCOGF)

[DrillaHill]

Pancontinental sells its share in Tulainyo for A$1.3m

Pancontinental Signs Agreement to Sell US subsidiary (29 June 2018)

Pancontinental signed an agreement with Raven Energy Limited to sell them its 40% share in US subsidiary Gas Fields LLC (which holds the Tulainyo Gas project) in exchange for a cash consideration of A$300k and a share consideration of A$1m (555,555,555 shares in Raven Energy @ 0.0018/share). In addition there is A$10.5m upside potential payable to Pancontinental if certain (Tulainyo) milestones are met:

TM(a): A$500k if flow of gas is economic to connect into a gas trunkline
TM(b): A$5m if Tulainyo contains at least 500bcf of gas gross to the project
or
Tm(c): A$10m if Tulainyo contains at least 1tcf of gas gross to the project

GLA