PCL - I'm Excited

Hi Guys,

Having read the recent announcement I must say that it looks very hopeful .Have a read yourselves and see if you think the same or it just that i'm a shareholder.

Regards M.

PANCONTINENTAL OIL & GAS NL 2002-06-12 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
EP 38716, TARANAKI BASIN. PANCONTINENTAL: 6.6%

Pancontinental Oil & Gas NL has been advised by the operator that at
0600 hrs, 12 June 2002, Huinga-1B was at a depth of 4351 metres and
is slowly drilling ahead in Murihiku Group meta-sediments with
partial returns from multiple lost circulation zones. Furtherstrong
mud gas shows up to C5 (pentane) were recorded from 4339m down to
4347m.

Based on the velocity survey and drilling results to date, the
contact between the Murihiku Group metasediments and underlying
Tariki or Kapuni Formation objectives is prognosed at a depth of
4407 metres. The total depth of Huinga-1B has been revised to 4500m.

The pre-drill potential mean recoverable reserves for the Tariki
Sandstone reservoirs in the Huinga prospect were 46 million barrels
oiland 161 billion cubic feet gas. Significant additional potential
oil and gas reserves may be present in the extensive fracture
systems/lost circulation zones within the Murihiku Group. Testing
procedures to evaluate these potential reserves will be addressed in
the ongoing well program.

PEP 38716 hosts all or part of three structures related to the
eastern bounding fault of the Taranaki Basin, all being similar to
that of the major Rimu/Kauri oil and gas discovery 18 kilometres
south which is currently under development. The structures are named
Huinga and Huinga South, both entirely within the Permit, and Makino,
which is partly within the Permit but mostly within PEP38728, which
adjoins to the south. The primary producing zone of the Rimu/Kauri
fields are units of the Tariki Formation.

Four kilometres immediately to the west of Huinga are the Tariki,
Ahuroa, oil and gas fields which produce from the Tariki formation.

Huinga 1B commenced re-entry: 8 April 2002.

Location of well: NZMG: 2 631 910.93 mE.
6 205 424.34 mN.

Operation since last report: Drilled 4320m to 4351 with partial mud
returns. Using LCM material in mud to
maintain circulation.

Drilling Rig: Parker Rig - 188

Proposed Total Depth: 4,500 metres (subject to revision).

Primary Objectives: Sandstone unitsof the Tariki Formation.

Secondary Objectives: Sandstones units of the Kapuni Group.

Hydrocarbon indications: Ongoing mud gas shows up to C5 in
interval from 4339m to 4347m from
multiple fracture/ lost circulation
zones.

Note: All reported depths are referred to the rig rotary table
(mAHBRT).

(ASX* LISTED) PARTICIPANTS IN THE PEP 38716 EQUITY %
JOINT VENTURE ARE:

*Pancontinental Oil & Gas NL
(through subsidiary Euro Pacific Pty Ltd) 6.6%

*Marabella Enterprises Ltd (Operator)
(Subsidiary of Bligh Oil & Minerals NL) 24.8%

*AWE (New Zealand) Pty Ltd
(Subsidiary of Australian Worldwide Exploration Ltd) 12.5%

*Springfield Oil & Gas Ltd (1)
(Subsidiary of Impress Ventures Ltd) 4.8%

Preussag Energie GmbH 24.00%

Swift Energy NZ Limited 15.00%

Indo Pacific Energy (NZ) Limited 7.30%

PFP38716 Limited 5.00%

(1)Subject to Joint Venture and government approvals; Springfield Oil
& Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.


Enquiries:
Andrew Svalbe
DIRECTOR, CEO

Tel: 08 9227 7178
Fax: 08 9227 9079
Email: [email protected]