PCL 0.00% 0.1¢ pancontinental oil & gas nl

another failure

  1. 1,747 Posts.
    How many shares were approved for issue for this dead lease.

    Six months ago, Eritrea cancelled all it's onshore leases. Blind freddy could see this coming.

    Pancontinental, together with its joint venture partners, Afrex Limited and Hardman
    Resources Limited, negotiated a Memorandum of Understanding (MOU) with the Eritrean
    Ministry of Energy and Mines for the offshore Red Sea Massawa Block.
    The MOU was initially for a six month period commencing on 24 December 2003. A number
    of extensions have been granted since that date to enable continued negotiations with the
    Ministry for a Petroleum Sharing Contract (PSC). The final draft of the PSC was submitted
    to Cabinet for ratification.

    Notification has now been received from the Ministry that the MOU and any other
    documents relating to the Massawa Block have been declared null and void.

    Afrex Limited, as operator of the joint venture, is now seeking discussions with the Eritrean
    authorities for an explanation and clarification of the situation.
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