I am expecting good news from both PCL's wells currently being...

I am expecting good news from both PCL's wells currently being drilled in NZ this week.

Also, David Hazlehurst in The Bulletin covers this stock so we can expect good coverage of the results.

Todays announcement looks very promising to me but as always, do your own research.

Regards M.

PANCONTINENTAL OIL & GAS NL 2002-05-22 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
PEP 38330, EAST COAST BASIN PANCONTINENTAL: 33.22%

The operator has advised that at 06.00hrs today Waingaromia 2 was at
a depth of 340m and cementing casing at that depth. The section to
this depth is lower Mid Miocene age mudstones with minor tight
siltstones and tuffaceous sandstones. ContinuousHQ coring will
resume on setting and testing the blow-cut preventers.

As required earlier, gas has been observed bubbling from fractures
and minor porosity in the cores commencing at 254.4 metres and
continuing down to the current depth. An oil show, with an oil film,
fluorescence and cut, was noted in a fault parting in the core at a
depth of 339.1m. Oil blobs were also seen in the mud system while
coring this interval.

Waingaromia 2 is being continuously cored to a minimum depth of 500
metres over 15 days to evaluate the four reported oil and gas hearing
sandstone intervals intersected at depths of 143m, 238m, 341m and
398m in the 1880's Waingaromia 1 well which reached a total depth of
402m. Below that depth, additional sandstone reservoirs are predicted
based on the local stratigraphy.

In order to evaluate the oil and gas bearing reservoirs intersected
in the Waingaromia 1 well, Waingaromia 2 will be continuously cored
from 35 metres to total depth. Continuous cores will provide detailed
geological aid reservoir parameter data to assist in any production
and development decisions. These core data will be of immeasurably
higher quality than that obtained in the 1880's Waingaromia 1 well
drilled using the percussion drilling technique.

Potential, most likely, recoverable oil reserves of the Waingaromia
prospect, based on the trap size determined by the seismic survey
conducted in 2000, are estimated at 10 million barrels for the sands
intersected by the Waingaromia 1 well.

Flows of oil and gas to the surface at Waingaromia 1 were ignited by
the boilers and the rig destroyed by fire.

Pancontinental Oil & Gas NL and Indo-Pacific Energy Ltd have farmed
out a 10% interest in PEP 38330 to Sun Resources NL. Sun is
contributing 20% of the dry hole drilling costs of Waingaromia 2 to
earn 5% from each of Pancontinental and Indo-Pacific.

Waingaromia 2 spudded: 10 May 2002
Location of well: NZMG: 2 939 167 mE.
6 302 795 mN.
Operation since last report: Cored ahead in PQ (123mm), hole from
332m to 340m.
Ran and cemented 114mm casing to 340m
Drilling Rig: Century Drilling: - Rig 45
Proposed minimum total depth: 500 metres.
Primary Objectives: Sandstones, limestones and
conglomerates of Lower Miocene age
from 143m to TD.
Hydrocarbon indications Mud gas bubbling from fractures
since last report: in cores @ 254.4m to 340m, oil show in
faulted fracture at 391.1m, with
fluorescence and cut, plus oil blobs
in mud while coring that interval.

Note: All reported depths are referred to the rig rotary table
(mAHBRT).

(*ASX listed) Participants in the PEP 38330 EQUITY %
Joint Venture are:

*Pancontinental Oil & Gas NL
(through subsidiary Euro Pacific Pty Ltd) 33.22%
Indo-Pacific Energy (NZ) Ltd (Operator) 34.28%
*Origin Energy Resources NZ Ltd 22.50%
*Sun Resources NL (1) 10.00%

(1) Subject to completion of farmout obligations and Government
approvals.

enquiries:
Andrew Svalbe
Director, CEO