Pancontinental Oil & Gas NL (ASX:PCL) is a petroleum (oil and gas) exploration company based in Perth, Western Australia.
It’s been a big year for the explorer, who progressed on a number of key projects across the world. We spoke to John Begg, Pancontinental’s Executive Director and CEO.
In June last year, the board decided that they needed to rejuvenate the company, in what were difficult times. Talks commenced with John Begg, and this resulted in a proposal to merge the business with his private company. This deal went ahead, on shareholder approval, taking the market capitalisation of Pancontinental from $5 million to $10 million. Six months later, the market cap reached $26 million.
It was announced on 8 January regarding the Tulainyo project, in the Sacramento gas basin in California, that the company had finished the drilling of an appraisal well. Gas was found in all of the target formations, and preparations were made to begin to run production tests. This is the key now to proving the commercial potential of this project.
To learn more, listen to our interview with John Begg.