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Pancontinental Announces Tulainyo-2 Well Permit to Drill Issued and Rig Contracted

Pancontinental Oil & Gas NL (ASX:PCL) (the “Company”) is pleased to provide an update on the progress of the Company’s next well in California that is due to spud in late October. The Tulainyo 2-7 well will appraise a potentially giant-scale, overpressured gas discovery in similar age rocks to those about to be tested in the Dempsey-1 well (PCL 10%), also in the Sacramento Gas Basin. The permit to drill on the lease has now been issued with the process taking under 40 days to achieve.

The Operator has confirmed the Ensign Rig 587 will be used for the drilling operations. The rig is currently actively working for the Operator. In addition, the necessary surface use agreement is in place with the landholder.


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