"Trading in the shares of Australia-listed junior Pancontinental Energy has been halted amid speculation that it may shortly announce news linked to a potential farm-out deal in Namibia's Orange basin. Pancontinental's share price closed at A$0.017 (US$0.010) on 14 March, the last day of trading, having risen 6.25% in the previous five days.
Woodside Energy has until 18 May to exercise a farm-in option covering Petroleum Exploration Licence (PEL) 87, which lies directly north of Galp Energia’s prolific PEL 83 asset which hosts the huge Mopane discovery. Australia-listed junior Pancontinental has identified two potential oil prospects in this licence after undertaking interpretation of about 6600 square kilometres of recently acquired 3D seismic data. Woodside has been carrying out its own interpretation of this seismic data, ahead of a potential decision to take an operating stake in the acreage.
Pancontinental said it is seeking the trading halt pending announcements in relation to "the option deed and prospectivity on PEL 87." Unless the Australian Stock Exchange decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday 19 March or when the announcement is released to the market," said the company."
PCL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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