Svalbe to Step Down as Pancontinental's Chief

Andrejs (Andy) Svalbe will retire as Chief Executive Officer of Pancontinental Oil & Gas NL on July 6, 2007, the company's board stated Tuesday.

Svalbe, a founding director of Pancontinental, has been the company's chief executive officer for nearly nine years. He has been responsible for placing the company in a strong strategic position in the domestic and international petroleum exploration arena, including several projects having multi-billion barrel discovery potential. In addition, he has been instrumental in negotiating a number of joint venture agreements that ensure Pancontinental receives the benefit of very significant exploration expenditures in respect of these potentially company-making projects.

Svalbe will not seek to be re-elected to the board at the November 2007 AGM. The board Expressed its thanks to Svalbe for his contribution.

The board also announced that Matthew Battrick will be promoted to the position of General Manager of the company. Battrick has been with the Pancontinental for two and a half years in the role of Exploration Manager and has over 25 years of experience in the portfolio management of international and Australian exploration and production assets.

Battrick's previous employment has been mainly with majors and large independents, such as LASMO, Ampolex, Mobil and Eni. Throughout his career, Battrick's exploration focus has been on the regions of Africa, Asia and Australasia, making him an ideally suited for his new role with Pancontinental.

In addition to his management responsibilities at Pancontinental, Battrick has been a director of Activ Foundation for the past 5 years. He is also a member of Activ's Risk and Audit Committee. Activ supports people with intellectual disability in Western Australia and the Foundation, the largest in the state, has an annual turnover in excess of A$50 million.

Barry Rushworth, based in the U.K, will continue to act as Director with responsibility for New Ventures, working closely with Battrick in this role.