Pancontinental is pleased to announce that it has, on 11 September, 2017 closed a transaction with Africa Energy Corp. (TSX-V: AFE) (“Africa Energy”), under which Africa Energy has subscribed for new shares in PNPL equivalent to one third of the issued capital of PNPL for the consideration referred to above. Pancontinental retains two thirds of the issued capital of PNPL. The first payment of US$2.2 million was made by Africa Energy and received by Pancontinental at closing and a second payment of US$5.5 million will be due at spud of the next well to be drilled in PEL 37.
Funding for the Company’s California drilling programs has already been advanced so funds from the AEC transaction will mainly be available for general working capital and growth activities.
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