Pancontinental Oil & Gas benefits from East African oil...

Pancontinental Oil & Gas benefits from East African oil interest, shares up 107% since start of 2012
Friday, March 09, 2012 by Bevis Yeo

Pancontinental Oil & Gas (ASX: PCL) has clearly drawn investors looking for affordable exposure to East African hydrocarbon assets, which have been in the spotlight due to the bidding war over Cove Energy (LON: COV).

Shares in the company are currently trading at A$0.17, up 107% from A$0.082 at the beginning of the year.

The largest gains to were made just after Shell made a takeover offer for Cove on 22 February, which sent Pancontinental’s shares up to A$0.16 on 27 February from a close of A$0.125 on 22 February.

While much of the attention Cove has drawn is focused on its offshore Mozambique assets, the company also shares offshore Kenyan licences L10A and L10B with Pancontinental.

Operator BG had recently completed 2D and 3D seismic over 10 leads in the two licences and the data is expected to identify drillable prospects once it is fully processed in the middle of this year.

http://www.proactiveinvestors.com.au/companies/news/26245/pancontinental-oil-gas-benefits-from-east-african-oil-interest-shares-up-107-since-start-of-2012-26245.html