Rig moving to site of Tulainyo Gas Discovery Appraisal Well
Well expected to commence drilling shortly.
Pancontinental 40% owned subsidiary earning up to 33.33%
(13.33% net) in project with giant – scale gas resource potential.
Pancontinental Oil & Gas NL (ASX: PCL) (“Pancontinental” or “Company”) is pleased to
provide the following operations update for the Tulainyo 2-7 gas appraisal well in the
Sacramento Gas Basin, California.
The Ensign Rig 587 is currently mobilising to the drill site and will commence operations
shortly. The well is planned to a total, measured depth of approximately 1,700 metres
(5,600 feet) with drilling operations expected to take less than one month to complete.
The Tulainyo joint venture includes operator California Resources Production Corporation,
a subsidiary of a NYSE-listed company that is one of California’s largest oil and gas
production companies and Cirque Resources LP, a private company based in Denver,
Colorado.
Commenting on the new drilling program, Pancontinental CEO John Begg said:
“It’s an exciting period of activity for Pancontinental. We are already underway with a
flow testing program at the Dempsey-1 gas discovery for which we have high
expectations. Now we are set to evaluate the potentially very large Tulainyo Gas
Discovery. Both projects are in the Sacramento Gas Basin, California and we are
partnered with very capable operators. The projects are located near extensive gas
reticulation infrastructure and there is a ready market for any gas we prove up.”
For and on behalf of
Pancontinental Oil & Gas NL
John Begg
Executive Director & CEO www.pancon.com.au
ASX ANNOUNCEMENT
16 November 2017
Head Office – Level 1, 10 Ord Street, West Perth, Western Australia 6005
Postal Address - PO Box 1154, West Perth, Western Australia 6872
Telephone +61 8 6363 7090 Facsimile +61 8 6363 7099
MPE Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
