pancontinental oil & gas nl offshore kenya status.

Pancontinental Oil & Gas NL offshore Kenya status.
At a joint venture meeting with Woodside Energy ( Kenya ) Pty Ltd ( Woodside ) held on
3 June 2004, the Company and Afrex were advised that following the interpretation of
their 2,270km offshore Kenya 2-D seismic survey and other geological data, they will
withdraw from the project. Pancontinental and Afrex will retain their respective 40% and
60% equities.
As a consequence of Woodside’s decision to withdraw, the Company and Afrex are now
considering the options with respect to three Kenya PSCs (in Kenya offshore Blocks
L6,L8 and L9) and will conduct an independent review of the survey data and associated
data, but believe that the area still has considerable technical merit based on the presence
of all geological parameters required for petroleum accumulations.