Pancontinental Oil Awarded Exploration Permit

Pancontinental Oil and Gas NL has been granted a new exploration permit, designated WA-312-P, in the Dampier Sub-basin of the offshore Carnarvon Basin, Northwest Shelf, Western Australia.

Lying approximately 31 miles to the north of Karratha, the permit comprises 23 graticular blocks over 1850 square kilometers, and is situated less than 1 mile south of the 75 million barrels recoverable Wandoo Oil Field, currently producing 24,000 barrels of oil per day, and the Hampton-1 gas discovery, and 6 miles to the east of the 55 million barrels recoverable Stag Oil Field, currently producing 17,000 barrels of oil per day.

The permit has had only three wells drilled in it and is considered lightly explored given the proximity to the prolific oil and gas fields to the north and west.

The Permit has been granted for a six-year term, and the initial three years exploration will be taken up with a program of seismic re-processing and acquisition to mature a drilling target.