Overnight, before the market opened in Australia, Pancontinental Oil & Gas requested an immediate trading halt in its shares “pending the release of an announcement to the market in relation to the latest update on the Mbawa well”. The company has requested that the halt remains in place until the earlier of the commencement of trading on Monday the 10th of September or Pancontinental making an announcement to the market on the Mbawa well. An announcement four days ago (Monday the 3rd) noted that elevated mud gas readings had been seen but that the significance would not be known until wireline logs had been run and an evaluation made. Drilling had been stopped to allow the wireline logs to be run. We presume, therefore, that the pending announcement has to be related to the analysis of these logs. The secondary exploration target is deeper than the current drill depth and with drilling only to be recommenced after the running of the wireline logs, the time interval between announcements would seem to preclude any announcement on the secondary target.
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