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Pancontinental Announces Rig Contracted to Drill Cormorant-1, Offshore Namibia

- Rig contract executed to drill the Cormorant Prospect offshore Namibia, with a target spud date of 1 September, 2018.

- Pancontinental has an effective 20% interest in the project and will not incur any drilling costs.

- Pancontinental will also receive circa A$7 million upon spud of the Cormorant well.

- Pancontinental estimates that Cormorant has the potential to contain Prospective Resources of 124 MMbbl* of recoverable oil on an un-risked Best Estimate basis. The cumulative Best Estimate oil resource potential of the leading four mapped prospects in the block total 915 MMbbl recoverable oil.

- ExxonMobil recently entered the block directly south of PEL 37 validating Pancontinental’s belief in the large scale prospectivity for oil offshore Namibia.

Pancontinental Oil & Gas NL (“Pancontinental” or “Company”) is pleased to announce that the PEL 37 Joint Venture has contracted the Ocean Rig Poseidon to drill the Cormorant-1 exploration well located offshore Namibia.


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