"Upon Woodside’s election to exercise its option, Woodside will pay Pancontinental approximately US$ 2.5 million, of which approximately US$1.5 million is reimbursement of a portion of Pancontinental’s past costs. The Company sees the Option Deed with Woodside as a valuable investment for the future performance of the Company."
"The structure holds a number of leads that, based on Pancontinental’s interpretation are encased in sealing shales. The Saturn Turbidite Fan complex covers a core area of more than 2,400 square kilometres with an overall area of about 4,000 square kilometres and holds significant oil potential."
"SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS No significant changes in the state of affairs of the Company occurred during the financial year."
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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