Yes, but the footnote to that is "Pancontinental notes that...

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jibbybagger

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30/04/24

10:10

Post #: 73575968
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Originally posted by Colonel Mustard: ↑

Something new..

As announced by the Company on 19 January 2024, the long stop date by which Woodside Energy
must exercise its option to farmin to PEL 87 (by committing to drill an exploration well) will be 180 days
from fulfilment of both (a) the seismic processing contractor providing final processing deliverables, and
(b) the PEL 87 Joint Venture providing to Woodside a license (Seismic License) to utilise the PEL 87
3D seismic data (subject to authorisation by the Ministry of Mines & Energy, MME). Condition (a) has
now been met, with final deliverables having been received mid-April 2024. Pancontinental is working to finalise joint venture and MME approvals to the Seismic License so that condition (b) will be met and the long stop date thereby established. The Company will provide an announcement once this has
occurred.

GLA

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Yes, but the footnote to that is "Pancontinental notes that Woodside does have the ability to exercise its option at any time prior to the long stop date".

"Early interpretation work has identified a variety of Cretaceous hydrocarbon play concepts, from mid-Early Cretaceous (Barremian) channelised fan sands to early-Late Cretaceous (Cenomanian) channels and erosional remnants". In other words, PEL 87 play concepts identified are consistent with characteristics of the other most prolific Orange Basin discoveries of Mopane, Venus and Jonker.

Also, "leads have been identified within the Saturn turbidite complex, although prospectivity is not confined to Saturn alone". Looking good so far.

PCL Price at posting: 2.6¢ Sentiment: Buy Disclosure: Held
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2 Great analysis

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