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Pancontinental pays Tullow’s cash call despite contesting it
Pancontinental Oil & Gas will pay a cash call made in December by Tullow Oil regarding the management costs of a licence offshore Namibia.

The company has previously disputed the claim, and is still disputing it, however it said on Thursday, the structure of the Joint Operating Agreement requires payment of the cash call first in order to avoid a possible default situation, and then resolution of any disputes later.

To remind, Tullow in December 2016 sent a cash call of $552,897 to Pancontinental for administration and other “non-exploration” costs in respect of operations in licence PEL 37, Namibia for the years 2014 through to 2016.

Pancontinental has expressed belief Tullow doesn’t not have the right to make such a cash call under the terms of the free carry with Tullow and has reserved its rights regarding the matter.

However, for the reasons mentioned above, Pancontinental has offered a staged payment plan which Tullow has accepted.

“Payments are to be made without prejudice to the Company’s right to contest the cash call and the Company is considering its position on the matter,” Pancontinental said.
No prior consultation

To remind, in its statement in December, Pancontinental had said the cash claim was related to “regarding common exploration costs, exploration license management, Tullow’s local office costs, and non-project general exploration.”

At the time, Pancontinetnal said the claim by Tullow had been made based on an adjustment to the joint venture accounts resulting from an internal review of costs incurred since 2014. Thus, Tullow believes it gives the company the right to issue the cash call.

“This claimed adjustment was made without any prior consultation with Pancontinental,” the Pancontinental said in December, adding that “the items, if accurate, are covered by the free carry as defined in the Tullow Farmout Agreement dated September 6, 2013,” and the cash call is invalid.

Namibian license PEL 37 4 best estimate has the potential for combined prospective resources of more than 900 million barrels of oil recoverable. Tullow is the operator of the license, with a drilling campaign required to begin by March 27, 2017.

PEL 37 covers three adjacent blocks over some 17,000 sq km in the blocks in the central Walvis Basin offshore Namibia.

Offshore Energy Today Staff

http://www.offshoreenergytoday.com/pancontinental-pays-tullows-cash-call-despite-contesting-it/
 
http://clients2.weblink.com.au/news/pdf_2\01820018.pdf
http://pancon.com.au/ (click on LATEST News)

MARKET RELEASE

16 January 2017

Pancontinental Oil & Gas NL

TRADING HALT

The securities of Pancontinental Oil & Gas NL (the “Company”) will be placed in
Trading Halt Session State at the request of the Company, pending the release
of an announcement by the Company. Unless ASX decides otherwise, the
securities will remain in Trading Halt Session State until the earlier of the
commencement of normal trading on Wednesday 18 January 2017 or when
the announcement is released to the market.

REQUEST FOR TRADING HALT

Pancontinental Oil & Gas NL (“Pancontinental”) requests an immediate trading
halt in respect of its securities.

In accordance with Listing Rule 17.1:

(a) Pancontinental is seeking the trading halt pending the making of an
announcement to the market in relation to a capital raising;

(b) Pancontinental is seeking the trading halt to assist in maintaining an
orderly market in the trading of the company’s securities and managing
its disclosure obligations;

(c) Pancontinental requests the trading halt until the earlier of the
commencement of trading on Wednesday 18 January 2017 or
Pancontinental releasing an announcement to the market concerning
the capital raising; and

(d) Pancontinental is not aware of any reason why the trading halt should
not be granted.

For and on behalf of

Pancontinental Oil & Gas NL
Vesna Petrovic
Company Secretary

http://clients2.weblink.com.au/news/pdf_2\01820018.pdf
http://pancon.com.au/ (click on LATEST News)
 
For more detail - See Latest News Link at : http://pancon.com.au/

Namibia PEL 37


Pancontinental refers to the ASX releases dated 30 November 2016 headed “Africa Energy
Corp. Farms into Namibia PEL37” (“AEC” Farmin Release”), its announcement headed
“Namibia PEL37” released on 19 December 2016 concerning Tullow’s purported cash calls
(“Tullow Cash Call Release”) and Pancontinental’s release dated 5 January 2017 concerning
Tullow’s acceptance of a staged payment plan of Tullow’s purported cash calls.

On 16 January 2017 Pancontinental received advice from Africa Energy Corp. (“AEC”) that it
wanted to restructure the AEC Farmin Agreement reported in the AEC Farmin Release, to
accommodate the issue raised by Tullow’s purported cash calls referred to in the Tullow Cash
Call Release. The restructure proposed by AEC is to reduce the upfront payment of US$1.7
million by an amount that takes into account the likely exposure of AEC (bearing in mind
that its Participating Interest will be 10%) to cash calls that may be issued by Tullow for
expenditures allegedly incurred but which may not be covered by the Carry referred to in the
Tullow Farmin Agreement with Pancontinental.

Pancontinental is confident of reaching a sensible outcome with AEC in the near term, and
will report the outcome of those negotiations when completed.

For and on behalf of

Pancontinental Oil & Gas NL
Ernie Myers
Executive Finance Director

For more detail - See Latest News Link at : http://pancon.com.au/
 
PANCONTINENTAL TO RAISE $1.0 MILLION

Pancontinental Oil & Gas NL (“Pancontinental” “the Company”) (ASX Code: PCL) is pleased to advise that it has completed a bookbuild for a placement to sophisticated and professional investors to raise up to $1.0 million through the issue of up to 333 million fully paid ordinary shares in the Company (“Shares”) at an issue price of 0.3 cents per Share (“the Placement”).

Funds raised pursuant to the Placement will be used to pay Tullow Oil in respect of costs for Namibia PEL 37 for the years 2014 to 2016 (circa A$600k remaining – see announcement 5 January 2017*), further exploration costs in respect to Namibia PEL 37 and for general working capital.

* Pancontinental has reserved its right in respect of the payment and is considering its position in respect of resolving the matter (see ASX Announcement 5 January 2017).

The key focus for Pancontinental at the current time is the Offshore Namibian Project PEL 37. Successful 3D and 2D seismic programmes have recently been completed and processed at a cost to Tullow Oil of in excess of US$30 million.

As announced on 30 November 2016, Pancontinental agreed to assign a 10% interest in the project to Africa Energy Corp. in exchange for staged payments totalling US $6.5 million (approximately AU $8.6 million), subject to certain conditions. Should Tullow Oil elect to commit to drilling, Pancontinental would be free carried on a well with no caps.

Given the quality and the value of the exploration undertaken to date and the considerable potential for oil in a numbers of prospects, Pancontinental is confident a decision to drill will be forthcoming which will be of considerable value to PCL’s healthy free carried position in PEL 37.

Hartleys Limited acted as Broker to the Offer in respect of the Placement. The Company also received support from the UK via Peel Hunt.Settlement of the placement for up to 333 million Shares is scheduled for Friday, 27

January 2017 and is not subject to shareholder approval. This part of the Placement falls within the Company’s existing placement capacity under Listing Rules 7.1. Subject to shareholder approval, Directors of Pancontinental have collectively committed to subscribe for $230,000 in the Placement. The Company will seek shareholder approval for the placement to Directors at a general meeting to be held in late February 2017.

ASX ANNOUNCEMENT

18 JANUARY 2017



ABOUT PANCONTINENTAL

Pancontinental Oil & Gas is listed on the Australian Securities Exchange (ASX: PCL). Offshore Namibia, Pancontinental has a free carried 30% interest (reducing to 20% after Africa Energy Corp. farmout) in Petroleum Exploration Licence 37. The Operator has conducted a 2D and 3D seismic survey and is interpreting the results to decide on a well.

As announced on 30 November 2016, Pancontinental agreed to assign a 10% interest in the project to Africa Energy Corp. in exchange for staged payments totalling US $6.5 million (approximately AU $8.6 million), subject to certain conditions.

Should the well proceed Pancontinental will be free carried with no cap. In Kenya Pancontinental has a 40% interest in the offshore portion of Licence L6 and a 16% free carried interest in the onshore portion of Block L6. Visit Pancontinental’s website for further information at www.pancon.com.au/

For and on behalf of

Pancontinental Oil & Gas NL
V Petrovic
Company Secretary
 
TULLOW O&G 2016 results Conference Call (02/09/2017)
ANGUS McCOSS on Namibia (minute 31:21)

http://www.tullowoil.com/investors/results-reports-and-presentations/2016-half-year-results-registration

"We’ve also got some great positions already in our portfolio in Mauritania and Namibia which should be working up. These low-cost material plays, meanwhile our new ventures team has been busy adding and working on adding new licenses based on these light-oil plays, so in-short, some very exciting transformational exploration opportunities, coming up."
 
Nice activity today the 0.004 sells taken out. Will we see 0.005 by the end of the day.
Must be a General Meeting coming up ?

17Feb17.jpg
 
February 28 2017 - 7:25AM
Money managers bet on oil to rise

Mark Shenk
http://www.theage.com.au/business/energy/money-managers-bet-on-oil-to-rise-20170227-gumois.html

Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally.

Money managers boosted their bets on rising West Texas Intermediate prices to a record on speculation that the Organisation of Petroleum Exporting Countries and its partners will manage to ease a global supply glut. America's crude producers, which are increasing output, aren't so sure. They've been hedging against price declines for this year and 2018.

Oil has traded above $US50 a barrel since OPEC and 11 other countries started trimming supply on January 1, which has in turn helped fuel a revival in US shale drilling. American explorers have almost doubled the number of rigs targeting oil since May, according to Baker Hughes. The mixed signals have locked WTI in its narrowest range since 2003 this month.

"I'm looking for prices to rise this year, but not above $US60, and the reason for the ceiling is the tremendous resilience of US shale," Tamar Essner, a New York-based energy analyst at Nasdaq Inc, said by telephone. "The market is very one-sided right now, which makes me nervous because that often precedes a reversal."

Hedge funds boosted their net-long position on WTI, or the difference between bets on a price increase and wagers on a decline, by 6 per cent in the week ended February 21, US Commodity Futures Trading Commission data show. WTI rose 1.6 per cent to $US54.06 a barrel in the report week, and closed at $US54.05 overnight.

"I'm perplexed to see the ongoing accumulation of length in a market that's not rewarding it with higher prices," Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by telephone. "This shows implied faith that the market will tighten in the future and that will push prices higher."

OPEC and its partners achieved 86 per cent of their agreed cuts last month, the organisation said last week. The group's Joint Technical Committee concluded that producers "are on the right track towards full conformity" with supply cuts.

They will probably need to keep output low once the accord expires in June in order to clear the glut, according to Total chief executive officer Patrick Pouyanne and Citigroup's head of commodities research, Ed Morse.

US crude inventories climbed to 518.7 million barrels in the week ended February 17, the highest level in weekly data going back to 1982, according to the Energy Information Administration. Production rose to 9 million barrels a day in the period, the highest since April.

As stockpiles mount, producers are increasingly seeking protection against a price reversal. Their net-short position keeps getting closer to the record bearish stance reached in April of last year.

"Producers know the market as well as anyone," Bob Yawger, director of the futures division at Mizuho Securities USA in New York, said. "They're worried about the deal holding for more than six months. It's more likely than not that the market will tank if the deal's not extended or there's extreme cheating."

As for hedge funds, their net-long position in WTI increased by 23,299 futures and options to 413,637, the most in data going back to 2006. Longs rose 4.6 per cent to an all-time high, while shorts slipped 7.5 per cent to the lowest since July 2014.

"The hedge funds have piled on bullish positions," Yawger said. "The downside is that someday, if it looks like the OPEC deal is coming apart, the market can fall apart very quickly."

Speculators' wagers on Brent crude, the international benchmark traded in London, also reached a record. Their net-long positions advanced by 26,210 contracts to 507,609, data from ICE Futures Europe showed.

http://www.theage.com.au/business/energy/money-managers-bet-on-oil-to-rise-20170227-gumois.html
 
Tullow Oil makes $750 million cash call to reduce debt
Reuters News Desk 18/03/2017

By Arathy S Nair

Britain's Tullow Oil Plc (TLW.L) plans a rights issue to raise about 607 million pounds to cut its $4.8 billion debt burden and make investments in drilling and exploration in Latin America and Africa.

Tullow, whose founder and long-serving chief executive Aidan Heavey will hand over to Chief Operating Officer Paul McDade in April, was hit hard by the collapse in oil prices in 2014 just as it was investing heavily in an oil project off Ghana.

Under the terms of the 25 for 49 rights issue, Tullow said on Friday it will issue 466.9 million shares at 130 pence each, a 45.2 percent discount to Thursday's close.

Some analysts said they were surprised by the move and Tullow's shares were down 13.7 percent at 204.9 pence at 0833 GMT.

"The ... rights issue comes as a surprise to us and possibly indicates banks were not as supportive to RBL refinancing as we were expecting," Jefferies analyst Mark Wilson said.

Tullow, which had tightened its investment budget to $500 million this year, from $900 million in 2016, had net debt of about $4.8 billion as of Dec. 31.

The company said it would use the proceeds from the rights issue, which is being underwritten by Barclays, JPMorgan and other banks, for investments in new drilling opportunities and further exploration and appraisal programmes in offshore Ghana.

The company said it also plans to invest in more exploration and appraisal activity in Kenya and fund drilling projects in Africa and South America.

Tullow also said that CNOOC Uganda Ltd had exercised its pre-emption rights to buy 50 percent of the interests in Uganda which are being transferred to Total.

Total (TOTF.PA) agreed in January to buy most of Tullow's stake in a Uganda project, jointly owned by Total, Tullow, and China's CNOOC (0883.HK), for $900 million.

The terms of the CNOOC's agreement will be the same as agreed between Tullow and Total, Tullow said.

(Reporting by Arathy S Nair in Bengaluru; Editing by Jason Neely and Alexander Smith)

http://oilpro.com/post/30504/tullow-oil-makes-750-million-cash-call-to-reduce-debt
 

Namibia PEL 37


Pancontinental Oil & Gas (“Pancontinental”) refers to the ASX release dated 30 November
2016 headed “Africa Energy Corp. Farms into Namibia PEL37” (“AEC Farmin Release”)
concerning an agreement between Africa Energy Corp. (“AEC”) and Pancontinental under
which AEC, subject to certain conditions, would farmin to Pancontinental’s 30% interest in
Namibian offshore exploration licence PEL 37 (“AEC Farmin Agreement”).

On 16 January 2017, Pancontinental received advice from AEC that it (AEC) wished to
restructure the AEC Farmin Agreement reported in the AEC Farmin Release.

Unfortunately Pancontinental and AEC have not been able to conclude a mutually satisfactory
revised agreement within the given period for negotiation and consequently the agreement
referred to in the AEC Farmin Release has lapsed.

See http://pancon.com.au/ Latest News for more details
 
Africa Energy pulls the plug on Namibian block farm-in
1st. April 2017

http://www.offshoreenergytoday.com/africa-energy-pulls-the-plug-on-namibian-block-farm-in/

africa-energy-pulls-plug-on-namibia-offshore-block-farm-in-320x256.jpg

PEL 37; Image source: Africa Energy

Canadian oil and gas exploration company Africa Energy Corp. has terminated a farm-out agreement with a subsidiary of Pancontinental Oil & Gas to acquire a 10% participating interest in Petroleum Exploration License 37 offshore Namibia (PEL 37).

To remind, the two companies entered the farm-out agreement on November 29, 2016.

Under the terms of the agreement and similar to the terms of Pancontinental’s participating interest, the company’s participating interest share of all joint venture costs, including the drilling of the first exploration well on PEL 37, was supposed to be fully carried through the current exploration period by a joint venture partner.

Africa Energy has agreed to pay Pancontinental $1.7 million at the close of the farm-out agreement, and an additional $4.8 million upon spud of the first exploration well.

Africa Energy said on Thursday that it exercised its right to terminate the agreement as a result of due diligence procedures performed by the company which identified discrepancies in respect of certain agreed commercial terms of the transaction.

In a separate announcement on Friday, Pancontinental said that Africa Energy reached out to the company on January 16, 2017, wanting to restructure the agreement. However, since the duo failed to conclude a mutually satisfactory revised agreement within the given period for negotiation, the farm-in agreement has lapsed.

Since the deal was not completed, Pancontinental still holds a 30 percent equity interest in PEL 37. The other partners in the PEL are Tullow with 65 percent interest and the operatorship and Paragon Oil & Gas with the remaining five percent.

http://www.offshoreenergytoday.com/africa-energy-pulls-the-plug-on-namibian-block-farm-in/

Offshore Energy Today Staff
 

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Stock price is currently crashing, down to 0.002 at time of posting

ASX ANNOUNCEMENT

4 APRIL 2017

Namibia PEL 37


Under the Farmout Agreement between Tullow Kudu Limited, (now Tullow Namibia Limited)
(“Tullow”) and Pancontinental Namibia Pty Ltd (“Pancon”) dated 5 September 2013, the
drilling of the first exploration well was to commence no later than 27 March 2017 provided
a drillable prospect had been identified from the 2D and 3D seismic surveys. Although Pancon
considers that a drillable prospect has been identified within PEL-37, Tullow considers that
further work is required to identify a drillable prospect.

Pancon has sought an update from Tullow on the current status of that ongoing work and
will report on that update when it is received, which Tullow has informed Pancon will be,
during the first half of 2017.

For and on behalf of

Pancontinental Oil & Gas NL
Barry Rushworth
CEO & Executive Director
 
MARKET RELEASE

6 April 2017

Pancontinental Oil & Gas NL

TRADING HALT

The securities of Pancontinental Oil & Gas NL (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Monday 10 April 2017 or when the announcement is released to the market.

Security Code: PCL

Dawn James

Adviser, Listings Compliance (Perth)

REQUEST FOR TRADING HALT

Pancontinental Oil & Gas NL (“Pancontinental”) requests an immediate trading halt in respect of its securities.

In accordance with Listing Rule 17.1:

(a) Pancontinental is seeking the trading halt pending the making of an
announcement to the market in relation to a capital raising;

(b) Pancontinental is seeking the trading halt to assist in maintaining an
orderly market in the trading of the company’s securities and managing
its disclosure obligations;

(c) Pancontinental requests the trading halt until the earlier of the
commencement of trading on Monday 10 April 2017 or Pancontinental
releasing an announcement to the market concerning the capital
raising; and

(d) Pancontinental is not aware of any reason why the trading halt should
not be granted.

For and on behalf of

Pancontinental Oil & Gas NL
Vesna Petrovic
Company Secretary

ASX ANNOUNCEMENT

6 APRIL 2017

Head Office – Level One, 10 Ord Street, West Perth, Western Australia 6005
Postal Address - PO Box 1154, West Perth, Western Australia 6872
Telephone +61 8 6363 7090 Facsimile +61 8 6363 7099
ACN 003
 
http://www.investorvillage.com/smbd.asp?mb=67&mn=126631&pt=msg&mid=17036278
5th. April 2017 11:27:22 AM
popup-fixed2-015.png


Tullow stalls Namibian well (Well, they maybe worse shape than HDYN! :))

UK-based oil company Tullow Oil and the Australian oil company Pancontinental Oil & Gas don’t see eye to eye when it comes to a decision about drilling an exploration well in PEL 37 offshore Namibia.

Tullow farmed into Pancontinental’s PEL 37 license in September 2013 taking 65% interest as well as operatorship of the license. Pancontinental kept 30% interest and the remaining 5% is held by Paragon Oil & Gas.

Under the farm-out agreement from 2013, the drilling of the first exploration well was to start no later than March 27, 2017, provided a drillable prospect had been identified from the 2D and 3D seismic surveys.

Pancontinental said on Tuesday it considers that a drillable prospect has been identified within PEL 37, however, Tullow considers that further work is required to identify the prospect.

Pancontinental added it has sought an update from Tullow on the current status of that ongoing work and will report on that update when it is received, which Tullow has informed Pancontinental will be, during the first half of 2017.

The Australian company’s attempt to farm-out part of its interest in the license offshore Namibia to Africa Energy Corp. recently fell through.

According to data on Pancontinental’s website, prospective resources at PEL 37 license, which covers 17,295 sq km, are estimated at 8.7 billion barrels of oil.

Offshore Energy Today Staff

http://www.investorvillage.com/smbd.asp?mb=67&mn=126631&pt=msg&mid=17036278


(Emphasis is mine. I don't know for COS for this field but if Tullow has to balk on this one too, they may be in a bigger financial jam than it first appeared. It also adds to HDYN's case, because Tullow's backing of Fatala was due to totally financial reasons, not the concession itself.)
 

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Pancontinental to raise up to $1.83 million

Pancontinental Oil & Gas NL (“Pancontinental”, “the Company”) (ASX Code: PCL) is pleased to advise that it has completed a bookbuild for a placement to sophisticated and professional investors to raise up to $600,000 through the issue of up to 300 million fully paid ordinary shares in the Company (“Shares”) at an issue price of 0.2 cents per Share (“the Placement”). The Placement is being undertaken at a circa 20% discount to Pancontinental’s 5 day VWAP.

In addition to the Placement, the Board of Pancontinental has also resolved to offer eligible shareholders the opportunity to participate in a Share Purchase Plan (“SPP”) to raise up to $1.23 million (see Share Purchase Plan Details below). The issue price of shares under the SPP will be at $0.002 per share, the same issue price as the Placement.

Funds raised pursuant to the Placement and SPP will be used in conjunction with existing cash, primarily for minimal costs associated with Licence Area PEL 37 offshore Namibia, other new venture costs (if any) and for general working capital purposes and other payables.

Commenting on the Placement and SPP, Pancontinental CEO Barry Rushworth commented:

“Pancontinental’s 30% interest in Offshore Namibian Project – PEL 37 is a significant and valuable asset. Successful 3D and 2D seismic programmes have been completed at a cost to farminee Tullow Oil in excess of US$30 million. The Project is a game changer for Pancontinental”

“While the oil exploration industry has experienced some immense challenges over recent years, Pancontinental is seeing some real greenshoots of increasing interest in our highly attractive exploration acreage.”

“In our view, and the views of others, our Namibian block is amongst the top of oil exploration opportunities globally. We are confident we will unlock this value for our shareholders from PEL 37 shortly and through other exploration assets we are looking at securing.”

Settlement of the Placement for up to 200 million Shares is scheduled forTuesday, 18 April 2016 and is not subject to shareholder approval. This part of the Placement falls within the Company’s existing placement capacity under ASX Listing Rules 7.1. Subject to shareholder approval, Directors of Pancontinental have committed to subscribe for up to $200,000 in the Placement. The Company anticipates that it will seek such shareholder approval at a general meeting in May 2017.

Share Purchase Plan Details

In order to provide all eligible Shareholders of the Company with the ability to participate in this capital raising, the Company is undertaking a Share Purchase Plan (“SPP”) to raise up to $1.23 million on a first come first served basis.

The SPP will enable eligible shareholders, irrespective of the number of shares which they hold in the Company, to purchase up to $15,000 worth of new Shares directly from the Company.

Eligible Shareholders will receive further information in relation to the Share Purchase Plan shortly.

ABOUT PANCONTINENTAL

Pancontinental Oil & Gas is listed on the Australian Securities Exchange (ASX:pCL). Offshore Namibia, Pancontinental has a free-carried 30% interest in Petroleum Exploration Licence 37 (PEL 37). The Operator has conducted 2D and 3D seismic surveys and is interpreting the results to decide on a well. A number of highpotential Prospects have been mapped from 3D data.

Visit Pancontinental’s website for further information at www.pancon.com.au

Yours sincerely for and on behalf of Pancontinental Oil & Gas NL
Barry Rushworth,
CEO and Director
www.pancon.com.au
Head Office – Level 1, 10 Ord Street, West Perth, Western Australia 6005
Postal Address - PO Box 1154, West Perth, Western Australia 6872
Telephone +61 8 6363 7090 Facsimile +61 8 6363 7099
ACN 003 029 543
 
Looks like they are having a hard time selling this at this time.
Things are looking grim. Very little feedback from Pancontinental
over the past months, and what appears to be a very poor management
structure. Still collecting pay with nothing to show. No point writing any
more, last posting unless they can get their act together.
*********************************************


SHARE PURCHASE PLAN EXTENSION


Pancontinental Oil & Gas NL (ASX: PCL) wishes to advise that the closing date for
its Share Purchase Plan (SPP) has been extended by two weeks to 16 May 2017
from the original closing date of 2 May 2017.

The Company has received a number of enquiries from shareholders in relation to
the SPP offer. The two week extension to the original closing date of the SPP allows
more adequate opportunity for the Company’s shareholders to participate in the
SPP due to the Easter break and Anzac Day.

Under the SPP, each Eligible Shareholder is entitled to apply for parcels of new fully
paid ordinary shares (Shares) ranging from a minimum of $1,000 up to a maximum
of $15,000 without incurring brokerage or transaction costs. The issue price of
Shares under the SPP is A$0.002 per Share.

Shareholders wishing to participate in the SPP should apply either by completing
the Application Form mailed to shareholders as instructed and returning it to the
address indicated on the Application Form, together with appropriate payment for
the number of Shares applied for under the SPP, or by making payment directly
by BPAY® in accordance with the details on the Application Form.

Applications and payment must be received by 5pm (AWST) on 16 May 2017.

The allotment date and despatch of holding statements for Shares subscribed for
under the SPP will now be on or around 23 May 2017. No other changes have been
made to the terms and conditions of the SPP as set out in the SPP information
booklet dated 18 April 2017.

For and on behalf of


Pancontinental Oil & Gas NL
Vesna Petrovic
Company Secretary
 
PEL 37 Well to be finally Spudded in September if all goes to plan … The Market is speculating on some success with PCL share price moving up steadily last 2 months.

I tried to get the last of the 0.008 yesterday but missed by about 15 seconds:( ….. Will watch from the sidelines now.
 
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