Pancontinental Energy (PCL) H1 2025 earnings summary

Executive summary

• Focused on offshore Namibia (PEL 87) and onshore Australia (ATP 920, ATP 924) with significant progress in 3D seismic analysis and maturing of key exploration leads, especially Oryx and Hyrax in the Saturn Complex.

• Delivered seismic license to Woodside, setting a long stop date of 18 May 2025 for Woodside's option to farmin to PEL 87.

• Orange Basin saw increased exploration activity, with nearby operators reporting significant oil discoveries, supporting the region's prospectivity.

Financial highlights

• Net loss for the half-year ended 31 December 2024 was $1,263,740, an improvement from a $1,494,081 loss in the prior corresponding period.

• Operating expenses remained stable at $1,508,057 compared to $1,511,120 year-over-year.

• Interest income increased to $75,631 from $23,770, and foreign exchange gains rose to $168,886 from $10.

• Cash and cash equivalents at period end were $3,600,215, down from $4,301,120 at 30 June 2024.

• Deferred exploration and evaluation costs increased to $5,046,185 from $4,683,348 at 30 June 2024.

Outlook and guidance

• Finalising prospective resource estimates for Oryx and Hyrax leads, with additional intra-Saturn leads being matured.

• PEL 87 work commitment for the current period includes drilling one exploration well or acquiring further seismic data by January 2026.

• No current financial liability for future non-performance of minimum exploration expenditure commitments in PEL 87.