Ann: Full Year Statutory Accounts, page-2

"In addition to the requested extension, the Minister has exempted an otherwise obligatory 50% relinquishment
of the licence area of PEL 87, leaving the area at 10,970 sq km, until the expiry of the extended term."

"Pancontinental will remain Operator of PEL
87 and will receive all interim and final 3D seismic products and interpretations from the seismic contractors
and Woodside as they become available."

"Pancontinental Namibia Pty Ltd, has decided to withdraw from the process of seeking an extension to the original PEL 37 Licence offshore Namibia. Pancontinental has held the licence since 28 March 2011."

"While the Company’s focus has mostly been in Africa, in recent years it was decided that the exploration portfolio
should be broadened to include shorter term projects with near term activity which would complement the
Company’s longer term assets in Namibia. As such, the Company signed agreements to acquire two large
exploration permits, ATP 920 and ATP 924 (Ace area) in the Cooper Basin, Queensland. The agreement was
executed with the Operator of the permits Key Petroleum Cooper Basin Pty Ltd, a wholly owned subsidiary of
ASX listed Key Petroleum Limited."

( no 3d results but building a good framework for the future.
A couple interesting updates.
Patience is a virtue!)