Ann: XST: Sale of Dempsey Project Working Interests, page-9

COMMERCIAL GAS FLOWS FROM DEMPSEY 1
(Refer to attached ASX announcement by the project Operator)
Pancontinental Oil and Gas NL (ASX: PCL) provides the attached update
announcement by Dempsey Project Operator Sacgasco Limited (ASX: SGC).
Commenting on this most recent result of flow testing the Dempsey Gas Discovery,
Pancontinental CEO John Begg said;
“This is a good, natural gas flow rate and a pleasing result for the Dempsey Joint
Venture. What’s more, as Operator Sacgasco outlines in today’s release, there are
still more zones to test in the well. Additionally there are opportunities for
production from the currently testing levels within other wells the Joint Venture
owns within the Dempsey Gas Project leases”.
Joint venture partners in the Dempsey Gas Project are:
Sacgasco Limited (ASX: SGC) 50% Operator
Pancontinental Oil & Gas NL (ASX: PCL) 10%
Empyrean Energy PLC (AIM: EME) 30%
Xstate Resources Limited (ASX: XST) 10%
For and on behalf of
Pancontinental Oil & Gas NL
John Begg
Executive Director & CEO
www.pancon.com.au
ASX ANNOUNCEMENT
7 MAY 2018
Head Office – Level 1, 10 Ord Street, West Perth, Western Australia 6005
Postal Address - PO Box 1154, West Perth, Western Australia 6872
Telephone +61 8 6363 7090 Facsimile +61 8 6363 7099
ACN 003

Increasing production and therefore cash generation is consistent with Sacgasco’s dual focus of
growing production from our 27-well portfolio, and also drilling high impact development and
appraisal, and exploration wells such as Alvares, Dempsey and other ‘lookalike’ prospects, that exist
across our seven gas fields and leased acreage in the Sacramento Basin.
The Dempsey 1-15 well has a large column of gas saturated rocks and we still have multiple options
to further develop the well and the surrounding gas reservoirs which will be assessed while Dempsey
delivers valuable and material cash flow from production.
We look forward to the results from testing Zone 4 and reporting an aggregate flow rate once we
combine flow from all zones. We also have an active well-work program in the Dempsey area and
across the broader Sacgasco portfolio and this is likely to further increase production in the near
term.”
For and on behalf of the Board of Sacgasco Limited
Gary Jeffery Ben Jarvis
Managing Director Six Degrees Investor Relations
+61 8 9388 2654 +61 (0) 413 150 448
About Sacgasco Limited (ASX: SGC)
Sacgasco Limited (ASX: SGC) is an Australian-based energy company focused on conventional gas exploration
and production in the Sacramento Basin, onshore California. Sacgasco has an extensive portfolio of natural gas
producing wells and prospects at both exploration and appraisal stages, including multi-Tcf opportunities. The
Company is targeting gas supply to the local Californian gas market and burgeoning LNG market in North
America. Sacgasco is of the view that the gas prospects in California have the potential to supply both the
domestic Californian gas market and export LNG markets.
www.sacgasco.com
Twitter: @SacGasCo
This document contains forward looking statements that are subject to risk factors associated with the oil and
gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may
be affected by many variables which could cause actual results or trends to differ materially. The technical
information provided has been reviewed by Mr Gary Jeffery, Managing Director of Sacgasco Limited. He is a
qualified geophysicist with over 45 years technical, commercial and management experience in exploration
for, appraisal and development, and transportation of oil and gas. Mr Jeffery consents to the inclusion of the
information in the form and context in which it appears.