PCL 33.3% 0.2¢ pancontinental oil & gas nl

anyone know anythhing about this comp, page-3

  1. 3,469 Posts.
    PCL now has two large projects on the go being Malta /Libya and now Kenya . Both are targeting elephant style structures . Refer ASX PCL reports for easy reading details . WPL is mounting an aggressive operation in Kenya , as seen by PCL CEO statement to the ASX today .....

    Pancontinental CEO Mr Andrew Svalbe commented that, the Woodside deal will see Pancon [PCL] carried through an extensive seismic programme in addition to potentially being carried through the drilling and testing of up to 6 wells offshore Kenya." He went on to add "We see the deal with a company of Woodside's stature and expertise as being a significant first step in realising value for shareholders from the investment made in African petroleum projects over the last few years"

    As previously reported, preliminary mapping of the larger prospects in the PSCs by Pancon/Afrex indicates potential recoverable reserves easily exceeding a "billion" barrels of oil or several trillion cubic feet of gas. It must be stressed that these are preliminary results arising from the study. While the Pancon Board is pleased with the interpretation from mapping, only further technical work, including the acquisition of infill seismic data and the drifting of exploration wells will confirm or refute the interpreted prospectivity of the area. The Woodside deal potentially provides the existing joint venturers a free carry for the cost of this work.

    In May this year Woodside joined other companies for exploration in 4 other Kenyan PSCs which adjoin, or are near the PSCs of Pancon/Afrex. Pancon believes having Woodside operate all seven PSCs offshore Kenya is likely to lead to cost efficiencies and an enhanced understanding of petroleum geology in the region for the benefit of all participants.

    A 2D seismic survey in the adjacent permits operated by Woodside has already commenced using the seismic vessel "Polar Princess". The 2,00Okm+ of initial 2D seismic in L6, L8 and L9 will be incorporated into this program and will be completed during the last quarter of 2003.

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