Pancontinental Announcements, page-2

News Story

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01/10/2002 14:08:57
Jingemia 1 Exploration Well Status Report

PANCONTINENTAL OIL & GAS NL 2002-10-01 ASX-SIGNAL-G

HOMEX - Perth

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The Company has been advised by the operator, Origin Energy
Developments Pty Ltd that the Century Rig 24 has been released from
the Hovea 3 location to the EP 413 Joint Venture to drill the
Jingemia 1 exploration well.

Jingemia 1 is scheduled to spud on 11 October.

Jingemia is located in the onshore Perth Basin 24 kms south of the
Dongara township and Dongara gas and oil field. The Jingemia prospect
is a fault dependent closure very similar to the Hovea oil discovery
5 kms to the north-east and will target the Dongara Sandstone shown
to be oil productive in the Hovea 1 and 3 wells and the deeper High
Cliff sandstone shown to be gas productive in the Hovea 2 well.

In order to test those objectives, the well has a prognosed total
depth of approx 2800m.



(ASX* listed) Participants in the EP 413 Equity %
Joint Venture are:

* Pancontinental Oil & Gas NL 1.2780%
(through subsidiary Euro Pacific Pty Ltd)

* Origin Energy Developments Pty Ltd (Operator) 49.1890%

* Hardman Oil & Gas Pty Ltd 22.3760%

*AWE (Perth Basin) Ltd 15.2450%
(Subsidiary of Australian Worldwide Exploration Ltd.)

* Victoria Petroleum Offshore Pty Ltd 5.7685%

* Voyager Petroleum NL 5.7685%
(through subsidiary Chimelle Petroleum Ltd)


Enquiries:
Andrew Svalbe
Director, CEO

Tel: 08 9227 7178
Fax: 08 9227 9079
Email: [email protected]

It is advised in accordance with Australian Stock Exchange Limited
Listing Rule 5.11 that the above report has been prepared by Mr
Andrew Svalbe, AAPG, PESA, ASEG, FESWA, who has had more than the
required five years experience and is acompetent person as defined
in the Listing Rules of Australian Stock Exchange Limited and has
consented in writing to the inclusion of this report as it appears
here.