Strongly recommend read the Activities link below...

Strongly recommend read the Activities link below

http://clients2.weblink.com.au/news/pdf\01621178.pdf

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QUARTERLY ACTIVITIES REPORT

MARCH 2015

Highlights

Namibia EL 0037 –Analysis of Extensive Seismic Data Continues

» Operator Tullow Kudu Limited continued its exploration efforts in analysing seismic data acquired in the Walvis Basin for blocks 2012B, 2112A and 2113B.

» With a number of key Prospects mapped to date, the joint venture is extracting valuable information from seismic records to delineate prospects for potential drilling.

» Pancontinental is in a sound position with regard to these permits as the financial exposure rests 100% with Operator Tullow. The exploration programme to date consisting of 3D and 2D acquisitions, processing and initial interpretation (totalling approximately US $30 million so far) h ave all fallen under the farmout agreement terms with Tullow, at no cost to Pancontinental.

Kenya L10A – Regional A ctivity C onfirms I nterest in the A rea

» While the L10A joint venture is awaiting further exploration findings from Operator BG , regional activity will also bring important information to be considered in the evaluation. Experienced explorer Anadarko Petroleum is considering drilling the Mlima-1 well in neighbouring permit L11B in the near term. The potential drilling will be watched closely by the L10A joint venture as it is reported to be targeting a large four way dip structure.

Kenya L6 - Preparation Continues for Seismic and Drilling

» Planning continued for onshore seismic and drilling by farminee Milio International. It is anticipated that operations will commence within the forthcoming months.

Australia

» Non - core, low reward Australian assets were relinquished during the quarter.

Corporate

» C ash balance of $2.9 million as at 3 1 March 2015 .

» Pancontinental’s corporate head office in Perth was relocated to new premises during the quarter.



Overview

While market conditions continue to dictate the oil and gas environment, Pancontinental maintains that in the Company’s frontier areas, exploration success is the Company’s primary aim .

T he Company’s financial exposure on two of its key assets has been fa rmed out to joint venture partners. The l icence EL 0037’s exploration programme offshore Namibia is continuing to yield strong results, with no capital required to be expended by Pancontinental for the current exploration programme , while Licence L6 in Kenya has been farmed out for onshore seismic and drilling .

The L10 A and L10B permits have recently been the financial spotlight and the focus for management. While both areas are prospective and a number of mapped prospects straddle the blocks, the L10A block has a higher reward profile and as such it was decided post quarter end to withdraw from the L10B joint venture. Pancontinental was the last remaining joint venture partner other than the Operator BG Group in L10B . Pancontinental believes that it still has sufficient and very valuable exposure to the prospectivity of this immediate area through the 18.75% interest in L10A.

Your Board and Mana gement Team look forward to ongoing activity in the coming months, especially in relation to our Namibia licence EL 0037