Pancontinental Energy (PCL) H2 2025 earnings summary

Executive summary

• Focused on offshore energy exploration, especially the PEL 87 permit in Namibia, with technical work, seismic interpretation, and regulatory preparation advancing during the year.

• Woodside Energy did not exercise its farm-in option for PEL 87; a new farm-out process is underway.

• Maintained a lean cost structure, with cash balances declining as funds were allocated to exploration and regulatory activities.

• No significant changes in the nature of operations; objectives remain advancing exploration, maximizing asset value, and managing risk.

Financial highlights

• Net loss for the year ended 30 June 2025 was $1,753,224, an improvement from a $2,338,436 loss in the prior year.

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

• Operating expenses included $850,000 in share-based payments and a non-cash gain of $476,560 from extinguishment of a historic liability.

• Cash at 30 June 2025 was $2,492,982, down from $4,301,120 at the prior year end.

• Raised $60,000 from option conversions during the year; post-year-end, received $1,793,933 from further option conversions.

Outlook and guidance

• Ongoing focus on progressing the Namibian exploration portfolio, with no material changes to the scale or nature of activities expected in the near term.

• Farm-out discussions for PEL 87 are continuing, with the aim to secure a partner with deepwater capability.

• Environmental Impact Assessment process underway for future drilling approvals in Namibia.