Ladies and Gentlemen, thank you for your presence today.
The year since we last met has been both traumatic and triumphant for Pancontinental Oil and Gas, and I am pleased to advise that Directors can now see a clear path forward towards success for your company.
The company’s year began in disturbing fashion, with a persistent depressed oil price and with continuing delays in the planned joint venture drilling of its main project, PEL 37, offshore Namibia. This coincided with depletion of corporate funds, and the necessity of operating within a market that seems only willing to reward very near term drilling activities. Directors determined that an urgent reorientation was required.
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