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07 February 2000
PANCONTINENTAL APPOINTS NEW CHAIRMAN AND EXPANDS ONSHORE SOUTHERN CARNARVON BASIN EXPLORATION POSITION
- The Board of Pancontinental Oil & Gas is pleased to announce the appointment of Mr H. D. (David) Kennedy as its new Chairman. This appointment follows the resignation of Mr D. Hedderwick as Director and Chairman at the end of 1999.
- Mr Kennedy brings with him a wealth of both corporate and technical experience in the petroleum exploration and production industry. He was a founding director of the successful Pan Pacific Petroleum and New Zealand Oil & Gas companies and is a director of Norwest Energy NL, Maiden Gold NL, Dragon Mining NL and Universal Gold NL.
- Pancontinental Oil & Gas NL (Pancon), which is acquiring a 95% interest in onshore Carnarvon Basin permit EP369, is pleased to announce that, subject to the completion of relevant documentation, it has reached an agreement with the title holders of the contiguous permits EP405 and EP410 for an equity swap which will give all parties equal equities in all three permits. Pancon (through exercising the Stage 2 option to acquire EP369, which is subject to Pancon shareholder approval) will hold a 31.67% equity in the amalgamated permits.
- This Agreement, generates a combined exploration area in excess of 12,865 km2 or 3.2 million acres, which contains three seismically mapped exploration prospects having combined potential recoverable reserves of 11.6 million barrels oil and 504 BCF gas.
- The enlarged exploration area covers the most prospective portions of the under explored southern onshore Carnarvon/Merlinleigh Sub-basin, which contains major Devonian reef and Permian age clastic play types. The 1960's WAPET Kennedy Range 1 well which encountered sub commercial gas shows while drilling, confirmed the area could host commercial petroleum reserves.
- The Joint Venture parties feel that, with the demonstrated range of exploration plays, access to the whole sub-basin, and close proximity to pipeline infrastructure, major highways and regional centres, this exploration area will be of interest to an incoming exploration investor, especially a North American exploration group skilled in these play types.
- Equity holders in the joint venture are:
| Empire Oil Company (WA) Ltd | 33.33% |
| Euro Pacific Energy Pty Ltd | 31.67% |
| Gulliver Productions Pty Ltd | 11.11% |
| Falcore pty Ltd | 11.11% |
| Indigo Oil Pty Ltd | 11.11% |
| Vigilant Oil Pty Ltd | 1.67% |
Enquiries:
AK Svalbe, Director and Chief Executive Officer
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
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