Pancontinental Oil & Gas (ASX:PCL) currently has about a $5 million market cap. It’s a company which has a long history of high impact drilling activity, primarily in frontier regions and we are a first mover into those areas and reducing the company’s costs exposure to big drilling projects through introducing bigger companies, through farm outs.
The company has been very successful in doing that and it also focuses on conventional reservoirs, which is an important distinction.
I am joining the board as part of transaction with Bombora Natural Energy Pty Limited, which we expect to complete next Monday (10 July 2017), when approval of the transaction goes to Pancon shareholder approval.
I’m a geologist by background and had great success over the years in finding oil and gas in commercial quantities in a whole range of jurisdictions around the world and I certainly identify with Pancon’s historic modus operandi, which is to go into places that people are not rating perhaps as highly as they should be, and getting big wells drilled to try to prove up those basins.