In July 2017 by acquisition of a new subsidiary, Pancontinental obtained the right to farmin for a 70% operated interest in EP 447 (Permit) in the Perth Basin, an area covering the Walyering Gas Field. By virtue of the relevant farmin agreement, if Pancontinental had not completed the 3D Seismic Survey by 1 June 2019 then the holders (Holders) of the Permit and Pancontinental were required to meet and work together for the purpose of completing that survey in a timely fashion. The parties have been unable to agree a revised basis to complete the survey and the Holders have decided to terminate the farmin agreement. Pancontinental will now seek to meet the Holders to agree on all actions and payments that may be required to restore each to the position it would have been in if the farmin agreement had not been entered into.