Pancontinental Energy (PCL) H2 2024 earnings summary

Executive summary

• Pancontinental Energy NL reported a net loss of $2,338,436 for the year ended 30 June 2024, compared to a loss of $1,870,559 in the prior year, reflecting continued focus on cost control and exploration activities.

• The company remains in the exploration phase, with primary activities centered on offshore Namibia (PEL 87) and onshore Australia (ATP 920 & 924), and is actively seeking new ventures.

• A significant partnership with Woodside Energy for the PEL 87 project in Namibia could see Pancontinental carried through the first exploration well if Woodside exercises its option.

• The company raised additional capital through share and option conversions, maintaining a strong cash position of $4.3 million at year-end.

Financial highlights

• Revenue for the year was $54,250, with total operating expenses of $1,189,778 and a comprehensive loss of $2,338,436.

• Cash and cash equivalents at 30 June 2024 were $4,301,120, down from $5,300,909 at the previous year-end.

• Share capital increased to $119,471,262, with 8,131,585,866 shares on issue.

• Basic and diluted earnings per share were both (0.03) cents, compared to (0.02) cents in the prior year.

• Return on equity was (27.60)%, an improvement from (32.22)% in the prior year.

Outlook and guidance

• The company expects to maintain its current level of operations, with no major changes anticipated unless Woodside exercises its option on PEL 87.

• If Woodside proceeds, Pancontinental will be carried through the first exploration well, retaining a 20% interest.

• The company continues to seek new ventures and strategic alliances to enhance its asset portfolio.