Pancontinental Oil's Q2 2015 Activity report.

http://clients2.weblink.com.au/news/pdf\01645939.pdf

Highlights

Namibia EL 0037   –   Planned Exploration Programme Continues

» Exploration  activity  continued  during  the  quarter.  Key  focus  for  potential  drilling includes the large Albatross Prospect

» Operator Tullow Kudu Limited has to date spent in excess of US $30 million on the exploration programme as part of its farm in to Exploration Licence 0037;

» 3D seismic, 2D seismic, processing and initial interpretation managed by Operator Tullow  have confirmed  four  main  prospects  which  will  be  further  analysed  and graded in deciding the optimum location for drilling;

» Pancontinental’s  financial  exposure is  zero for  the  forward  programme, worth  in excess of an estimated US $80 million. The Company has a 30% free carried interest for the next phase of exploration and is very  encouraged by the Operator’s results to date.

Kenya L6  –  Onshore Operator Milio Continues Seismic Planning

» Onshore operator  Milio  International  is  continuing  with  planning  for  the  seismic acquisition proposed  during  farm out negotiations ,  although  a  number  of  delays have been experienced during preparations;

» Pancontinental’s financial exposure on this work programme is also zero with Milio free carrying the Company’s 16% interest through seismic and an onshore well.