New update from Dolmen Stockbrokers of Ireland just...

New update from Dolmen Stockbrokers of Ireland just released:

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12th July 2012

Pancontinental

Spec Buy

Previous Close AUD 0.21

Target AUD 0.30


Pancontinental overnight announced the completion of the 3D seismic survey in its L6 exploration licence area offshore Kenya. The final data acquisition covered a 778 sq km area over several prospects, including the primary Kifaru Prospect.

Pancontinental has a 40% interest in the L6 licence, with the operator (FAR) holding the remaining 60%. The data will now be processed and interpreted and it is anticipated that one or more prosects may be defined for drilling, which is planned “for some time in 2013 or early 2014”. Prior to the survey, we had pencilled in spudding of potential wells in Q313, with results in the following quarter and so the exploration programme would appear to be on schedule.

Current interest in Pancontinental centres round its first offshore Kenyan well on the Mbawa Prospect in Block L8, which is being drilled by Apache Corporation this quarter. Pancontinental has a 15% stake in that prospect, in partnership with Apache (50%), Origin Energy (20%) and Tullow (15%).

As such, today’s announcement is an incremental positive for the company, illustrating continued progress in a second target area.

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http://www.dolmenstockbrokers.ie/reports/Dolmen%20Daily%2012%20July%202012.pdf