Patience will be rewarded, page-2

The Company is now cashed up, having successfully issued 7m shares @ 5.5 cents.Some more shows of comfidence.

Regards M.

PANCONTINENTAL OIL & GAS NL 2002-09-06 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The directors of the Company wish to advise that they have today
allotted 7,000,000 shares at an issue price of 5.5 cents per share
together with 1,750,000 free attaching, 31st March 2005 options,
pursuant to the Prospectus dated 2nd September 2002. It is
anticipated that holding statements will be dispatched later today.

This is a progressive placement under the Prospectus for a proposed
total issue of 10,000,000 shares and 2,500,000 options.


P Munachen
DIRECTOR