Pancontinental Energy (PCL) Q4 2024 TU earnings summary

Executive summary

• Continued interpretation and analysis of 3D seismic data in PEL 87, focusing on Cretaceous play concepts and AVO anomalies.

• Engaged independent consultancy for AVO study; basin modelling study to commence soon.

• Global interest in the Orange Basin remains high, with multiple exploration wells planned for Q4 CY24.

Financial highlights

• Cash and cash equivalents at 30 June 2024 totaled $4.3 million.

• Received $600,000 from conversion of 50 million listed options; additional shares issued via cashless exercise of unlisted options.

• Exploration expenditure for the quarter was $244,361, including $56,000 for Namibian Petrofund training.

Outlook and guidance

• Ongoing technical studies aim to mature key prospects in PEL 87, with basin modelling to define hydrocarbon source and charge.

• Woodside Energy holds an exclusive option to farmin to PEL 87, pending finalisation of the seismic license.

• Anticipated increase in Orange Basin drilling activity from Q4 2024, with major companies preparing exploration wells.