what is the true % pcl currently retains?

For those in the know.

As I have read many posts on the PCL threads that indicate she will need to farm down her interest, I have found the 28/12/05 ASX announcement that specifies some of the requirements of the ORG farm-in.

If I have missed a variation to the arrangement between PCL & ORG I would appreciate an update.

I think PCL said ORG had spent approx $10 million on the seismic programme to date so that would be a variation I would think of some sort and so are the revised dates.

However, I have had it in my mind that PCL retains 25% up to the completion of a well. If this is no longer the case does any one know the current situation?

28 December 2005
Company Announcements Office
Australian Stock Exchange Limited

KENYAN PROJECT FARMOUT TO ORIGIN ENERGY
Pancontinental Oil and Gas NL (?Pancon?) has concluded a Farmin Agreement
(Agreement) with Origin Energy Bairnsdale Pty Limited (?Origin?), a subsidiary of
Origin Energy Resources limited, on the Kenyan Production Sharing Contracts (PSC) L-8
and L-9 offshore Lamu Basin. This Agreement is subject to approval by the Kenyan
Government.

Under the Agreement Origin may:-
? Earn 50% in each block by conducting a US$4.0 million detail 2-D seismic
program within these two blocks.
? Earn an additional 25% in a given block by drilling an exploration well and
meeting all drilling and testing costs of that exploration well.
? Pancontinental will retain 25% after a free carry through the seismic, drilling,
production testing and all other permit costs in each drilled block.

The acquisition of the new 2-D seismic data will commence within the two contiguous L-8 and
L-9 areas, totalling 12,085 sq kms, in early 2006 on ratification of the Agreement by the
Kenyan Government, the contracting of a seismic vessel and suitable weather conditions. The
US$4.0 million seismic survey will determine the viability of a number of very large prospects
delineated by the 2003 and earlier seismic surveys. These prospects, based on current mapping
and representative reservoir parameters using industry analogues, are estimated to have world
class size speculative oil and gas reserves potential. Origin will also cover all other costs
associated with the PSC areas during the earning stages of the Agreement.

The Agreement requires Origin, on or before 23 May 2007, following interpretation of the
US$4.0 million 2D seismic survey, to advise Pancontinental of its election or otherwise to
commit to drill a prospect in one or both of the blocks. The drilling of the exploration well(s) is
required prior to September 2009.

Pancontinental?s CEO Andrew Svalbe said ?Pancontinental is very pleased to have negotiated
an Agreement with a company having the technical, financial resources and the operational
capabilities of Origin.
It also completes a very rewarding 2005 year during which Pancontinental completed farmout
agreements with Anadarko Petroleum Corporation and Origin that could result in the company being free carried through expenditures of an estimated A$100 million over the next few years
if the farminees exercise their options with the drilling of 2 wells by Anadarko in Malta, and
two wells by Origin in Kenya, plus all preceding seismic and other permit costs.
This Agreement with Origin supports our view that the Kenya asset, with its high petroleum
prospectivity, attractive Government commercial terms, proximity to the Kenyan and growing
East African energy markets, is a quality component of our exploration portfolio.?

MI