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Pancontinental Announces Tulainyo 2-7 Gas Flow Test Program Update

- Testing has so far been conducted in two stages over a range of zones between total depth of 5,710 feet and 3,600 feet.

- Inflows of good quality gas at modest rates are currently being achieved but not yet measurable per zone. The results so far are believed to be impeded by near wellbore damage to the gas reservoirs.

- Formation evaluation is being carried out using downhole gauges to measure pressures and other critical data. This will support a more definitive analysis of flow potential with results expected within the next few weeks.

- With the additional data, remediation options to achieve higher flow rates will also be assessed.

- The successful drilling of Tulainyo 2-7 and testing achieved so far already provides the partnership with encouragement for the next phase of operations that would test additional deeper, stacked reservoir targets. This may include deepening of the Tulainyo 2-7 well once evaluation of the current test zones is complete and or additional appraisal drilling in due course.

Pancontinental Oil & Gas NL (ASX:PCL) (“Pancontinental” or “Company”) provides this operations update for the Tulainyo 2-7 gas appraisal well in the Sacramento Gas Basin, California. Pancontinental is earning up to an effective 13.33% interest in the project.


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