Summary
Namibia PEL 37 – Offshore
- Post quarter end, Tullow entered into a farmout agreement with ONGC Videsh Limited, this is a positive step towards drilling in PEL 37;
- Environmental and reservoir sand studies continued during the reporting period;
- Geophysical modelling and seismic correlation to regional well data is ongoing.
USA Projects - Onshore
- During the quarter, Pancontinental executed a binding Heads of Agreement to acquire Bombora Natural Energy Pty Ltd;
- The transaction was approved and completed 12 July 2017 with Pancontinental acquiring an oil and gas exploration company with a focus onshore California in the Sacramento Gas Basin, as well as in Australia within the Perth Basin;
- The entry of Bombora into the Pancontinental group brings with it near term drilling activity; the fully funded Dempsey-1 well is due to spud imminently.
Corporate
- Bombora directors join Pancontinental; John Begg as CEO and Executive Director and Marie Malaxos as Non-Executive Director;
- Dave Kennedy is again Chairman taking over from resigning Chairman, John Leach;
- Barry Rushworth, Ernie Myers remain on the Board;
- Cash balance of $760k as at 30 June 2017;
- During the quarter Pancontinental raised close to $1m by way of Placement, Issue to Directors and a Share Purchase Plan;
- A further $2m was raised by Placement in July 2017.
- General meeting of shareholders was held post quarter end in July 2017. All resolutions were carried.
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