Pancontinental Energy NL : Quarterly Activities Report

QUARTERLY ACTIVITIES REPORT

		June 2022
only	Summary
Namibia - Offshore
PEL 87 Orange Basin
∙	PEL 87 Orange Basin - PCL continues with the farmout process to advance the
	Project and drive value for shareholders and stakeholders.
∙	During the quarter, Pancontinental and joint ventures partners Custos and
use	area.
	Namcor received an executed deed extending the Initial Exploration Period of
	Namibian offshore Petroleum Exploration Licence 87 by one year.
∙	The major oil discoveries offshore Namibia; firstly Shell with Graff-1 and secondly
	TotalEnergies with Venus-1X have focused industry attention on the Orange
	Basin. Both discoveries are on trend to Pancontinental's PEL 87 Orange Basin
∙	Pancontinental holds a significant 75% interest in PEL 87 Orange Basin.
personalATP 920 & 924 - Cooper Basin
PEL 37 Walvis Basin
∙	PEL 37 Walvis Basin - Following the withdrawal of Tullow, Pancontinental, on
	behalf of the joint venture, made an application for a one year extension of the
	licence to enable an assessment of the prospectivity of the Block and also to seek
	a farminee. The Company has not been able to reach agreement with the
	remaining joint venture partner on a way forward and the application for an
	extension will not be considered by the Ministry until the partners are in
	alignment. The Company continues efforts to resolve this matter.
Queensland - Onshore
∙	A review of the projects is being	conducted to ascertain the focus of future
For	exploration work programmes.
Corporate
∙	Cash balance of $274k as at the end of the quarter.
∙	Post quarter end, the Company undertook a Placement to raise $2 million before
	costs.
	ASX Code - PCL	Market Capitalisation - @ $0.005 - $37.8 m
	Issued shares - 7,554 million	Cash at End of Quarter - $274k

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Namibia

Projects

TotalEnergies	Shell oil
oil discovery	discovery
with Venus-1X	with Graff-1

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Namibia Offshore PEL 87

Location:	Orange Basin
Project Size:	10,947 square kilometres
JV Partners:	Pancontinental (Operator)	75.00%
	Custos Investments (Pty) Ltd	15.00%
	NAMCOR*	10.00%
	*National Petroleum Corporation of Namibia

The joint venture consists of Pancontinental with a 75% interest, local company Custos Investments (Pty) Ltd; 15% and the National Petroleum Corporation of Namibia holding 10%.

The joint venture has acquired over 2,800 line kms of good quality 2D seismic as well as numerous other reports and studies. This technical data has assisted the joint venture in identifying a number of leads within a vast, 2,400km² Turbidite Fan complex ("Saturn") of Aptian Age that, based on Pancontinental's interpretation is encased in sealing shales. The Saturn Turbidite Fan complex covers a core area of more than 2,400 square kilometres with an overall area of about 4,000 square kilometres and holds significant oil potential.

Pancontinental is seeking a farminee to advance exploration of the PEL Block. The farmout process is ongoing and in the meantime additional work is being undertaken to add value to the Project.

During the quarter, Pancontinental and joint ventures partners Custos and Namcor received an executed deed extending the Initial Exploration Period of Namibian offshore Petroleum Exploration Licence 87 by one year. The current Initial Exploration Period, as extended, can be followed by three additional two-year Periods, subject to certain conditions.

Pancontinental has been exploring in Namibia for over a decade and in that time has built up a database of information which indicates the prospectivity of offshore Namibia. Pancontinental's theories have been validated by the two high profile discoveries made by Shell and TotalEnergies with their Graff- 1 and Venus-1X wells respectively. Both of these discoveries are on trend to Pancontinental's PEL 87 Orange Basin area.

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Saturn Turbidite Complex Map

Saturn Turbidite Complex - 2D Seismic Section

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Regional activity offshore Namibia