PCL 0.00% 0.1¢ pancontinental oil & gas nl

here's the reason for today's rise

  1. 15,973 Posts.
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    ASX announcement at 16.33 PM. This explains the rise. The map (which I haven'e posted) showns PCL's leases adjacent to the WPL/DANA/GBL areas.

    PCL will have to farm-out for costs of seismic and drilling but given WPL's interest in the area this may happen. Of course any drilling that might result is a long way off - probably 2005, so its unlikely to sustain a share price rise now - but a farm-in announcement might get things going later in the year:

    PANCONTINENTAL OIL & GAS NL 2003-05-15 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    In response to a number of queries the Company has had following Woodside and Global Petroleum Limiteds (Global) recent announcements concerning Woodside joining Dana Petroleum Plc and Global in exploration in Production Sharing Contracts (PSC's) L5, L7, L10 and
    L11 offshore Kenya, Pancontinental Oil and Gas NL advises that PSC's L6, L8 and L9 in which Pancon has a 40% joint venture interest are located adjacent to the L7, L10 and L11 PSC's as depicted on the attached map.

    As advised in the recent March quarterly report
    Preliminary mapping of the larger prospects in the permit indicate potential recoverable reserves easily exceeding a billion barrels of oil or several trillion cubic feet of gas. It must be stressed that these are the first preliminary results arising from the study, and although the Board is very pleased with these results, further technical work, the acquisition of infill seismic data to define drilling locations on the mapped prospects, and the drilling of
    exploration wells is the only means by which these expectations will be confirmed or refuted.

    The Joint Venture was able to present these preliminary results at the African Oil & Gas Conference held in Nairobi in March. A number of large multi-national Companies have subsequently expressed interest in these permits, and the Company has commenced farm-out discussions with some of these parties.

    Enquiries:
    Andrew Svalbe
    DIRECTOR,CEO.
    Tel: 08 9227 7178
    Fax: 08 9227 9079
    Email: [email protected]

    Cheers

    H
 
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