http://clients2.weblink.com.au/news/pdf\01645939.pdf
Highlights
Namibia EL 0037 – Planned Exploration Programme Continues
» Exploration activity continued during the quarter. Key focus for potential drilling includes the large Albatross Prospect
» Operator Tullow Kudu Limited has to date spent in excess of US $30 million on the exploration programme as part of its farm in to Exploration Licence 0037;
» 3D seismic, 2D seismic, processing and initial interpretation managed by Operator Tullow have confirmed four main prospects which will be further analysed and graded in deciding the optimum location for drilling;
» Pancontinental’s financial exposure is zero for the forward programme, worth in excess of an estimated US $80 million. The Company has a 30% free carried interest for the next phase of exploration and is very encouraged by the Operator’s results to date.
Kenya L6 – Onshore Operator Milio Continues Seismic Planning
» Onshore operator Milio International is continuing with planning for the seismic acquisition proposed during farm out negotiations , although a number of delays have been experienced during preparations;
» Pancontinental’s financial exposure on this work programme is also zero with Milio free carrying the Company’s 16% interest through seismic and an onshore well.
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