Tullow Gets More Time to Decide on Participation in Namibian PEL 0037 JV

Australia's Pancontinental Oil & Gas NL (Pancontinental, the Company) referred Friday to its announcement on June 12, 2015 that it had agreed with Tullow Kudu Limited, a subsidiary of Tullow Oil (Tullow) to extend the date by when Tullow was to elect to withdraw or continue in the Namibian PEL 0037 (License) joint venture (Joint Venture) to March 31, 2016.

Tullow has now requested a further extension by when Tullow can elect to withdraw or continue in the License, located in the Walvis Basin, offshore Namibia. Pancontinental has agreed to extend the decision date to April 7, 2016.

A further update will be issued at that time.

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