Pancontinental Energy (PCL) H2 2024 earnings summary

Executive summary

• Focused on exploration in Namibia's Orange Basin (PEL 87, 75% interest) and onshore Australia (ATP 920, ATP 924, 20–25% earning interest).

• Loss for the year ended 30 June 2024 was $2.34 million, compared to $1.87 million loss in 2023.

• Significant technical progress in Namibia, including completion and interpretation of a 6,593 km² 3D seismic survey funded by Woodside Energy.

• Woodside holds an option to acquire a 56% interest in PEL 87, with a farmout agreement to carry costs for the first exploration well if exercised.

• Board and management changes included appointment of a new CEO and transition of a director to non-executive status.

Financial highlights

• Revenue for FY24 was $54,250, down from $72,429 in FY23.

• Net loss for FY24 was $2,338,436, compared to $1,870,559 in FY23.

• Cash at 30 June 2024 was $4.3 million, down from $5.3 million at 30 June 2023.

• Deferred exploration and evaluation costs increased to $4.68 million from $4.07 million.

• Share capital at year-end was $119.5 million, with 8.13 billion shares on issue.

Outlook and guidance

• Anticipates resumption of drilling activity in the Orange Basin in late 2024 by major operators.

• Awaiting grant of seismic license in Namibia, which will trigger Woodside’s 180-day option period to farmin.

• Ongoing technical work to mature exploration leads and basin modeling in PEL 87.

• Australian permits ATP 920 and ATP 924 are pending renewal approval.