Pancontinental Energy NL (PK) (PCOGF) Quote

stock has some volume to day , big volume on the ASX today


jmho

https://announcements.asx.com.au/asxpdf/20241129/pdf/06c211442z5swk.pdf

https://wcsecure.weblink.com.au/pdf/PCL/02884139.pdf

Auctus report on SEI has info for PEL 87
Sintana Energy Inc. (TSX-V: SEI): Pure play on the world’s exploration hotspot
• ~11 high impact appraisal/exploration wells will be drilled on various licences in Namibia over the coming months. This is very material and is expected to attract the attention of investors. Sintana provides exposure to three out of the six licences with high impact drilling.
• We believe that the recent weakness of Sintana’s share price offers an opportunity with an asymmetric risk/reward profile.
• We estimate that Sintana’s current share price trades at a discount to the market value of its interests in the Mopane discovery (PEL 83) that could be crystalized by an upcoming partial divestment process initiated by Galp. While further exploration and appraisal drilling is expected to take place before a sale is agreed, Sintana’s costs are carried by Galp.
• The 4 well programme at PEL 83 is expected to include 2 exploration wells that could have a material impact on the size of the hydrocarbon volumes on PEL 83. Increasing the size of Mopane by 20% would add C$0.24/sh.
• Chevron will also start drilling at PEL 90 by YE24. Sintana holds an indirect 4.9% WI in PEL 90. Not much detailed information is available but PEL 90 is adjacent to the licence with the Venus discovery. Our unrisked NAV for Sintana’s interest in PEL 90 is C$0.79/sh as Sintana is carried for this well.
• We anticipate that Woodside will exercise its option to farm into PEL 87 to also start exploration activities in 2025. Sintana would be carried until development. Our unrisked NAV is C$1.77/sh.
• Rhino Resources and Azule Energy (bp/Eni) will also start drilling at PEL 85 around YE24 (2 wells). The block is located to the south east of PEL 83 and a success could have positive implications for the prospectivity of PEL 83. BWE Energy is also expected to drill 2 exploration wells near the Kudu field to test different plays.
• As we incorporate the latest readthrough value of transactions in Impact Oil & Gas, we have increased our target price to C$1.85/sh in line with our new ReNAV.

Value build-up
Based on the limited disclosures on Mopane (PEL 83) and Venus (PEL 56), the discovered resources on Galp’s and TotalEnergy’s licences appear to be of a similar order of magnitude. Using the last price paid by Africa Oil for 7% in Impact suggests a value of ~US$983 mm for Impact’s ~9.5% carried interests in PEL 56. Adjusting for respective carried interests leads to an unrisked value of US$507 mm for Sintana’s interests in PEL 83. Deducting a worst case of 32% capital gain tax (assuming Sintana sell its interests) and using 90% chance of success leads to a value for the company of ~C$1.08/sh based on PEL 83 alone. As we apply a similar approach to the other licences, our total unrisked NAV for Sintana is ~C$4.54/sh.
21/11/2024
1
EN

Comment on this Post

0 Likes Quote Share IconShare Report IconAbuse

Thanks for posting Farell

Pancontinental Energy NL (AU:PCL) has released an update.10/28/2024
Pancontinental Energy NL is nearing completion of its seismic data analysis in the Namibian Orange Basin, highlighting promising exploration leads with potential for significant oil discoveries. The company is preparing for a surge in drilling operations, with eight wells planned in collaboration with partners like Woodside Energy and major players such as Galp Energia and TotalEnergies already active in the region. With a cash balance of $3.9 million, Pancontinental is poised to capitalize on the resurgent exploration activities, drawing investor interest in the potential hydrocarbon resources.

I missed this tidbit until today, Farrell

see more: https://markets.businessinsider.com/news/stocks/pancontinental-energy-set-for-agm-with-key-resolutions-1033904502?op=1

The securities of Pancontinental Energy NL (‘PCL’) will be placed in trading halt at the request of PCL, pending it
releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the
earlier of the commencement of normal trading on Friday, 22 November 2024 or when the announcement is
released to the market.

Thanks to Ebenizer3

Odd it is trading with not much enthusiasm on US exchange

Good luck, Farrell

Thanks

Boring Q & A with no news broken. They should have waited until they had something to announce.

Pancontinental Energy NL

MANAGEMENT Q&A SESSION
Pancontinental Energy NL (ASX: PCL) (“Pancontinental" or “Company”) is pleased to advise that it will host a Q&A session on Thursday 8th August 2024 at 10.00am (AWST), during which Chief Executive Officer Iain Smith will respond to investor questions regarding the Company's operations within the Namibian Orange Basin.

Attendees should register in advance using the following link, and participants are encouraged to submit questions in advance, via email to sam.burns@sdir.com.au PCL Investor Call Details:

Date and time: 10:00am (AWST) on Thursday 8 August.

Register via: https://us02web.zoom.us/webinar/register/WN_9D8bhAjcTousTX-A8cb9ow





The above link seems to work. Anyone able to convert 10:00am (AWST) to EDT

farrell90: Thanks for posting this

Upstream update:
https://www.upstreamonline.com/exploration/partner-waiting-for-word-from-woodside-on-promising-namibia-exploration-block/2-1-1682292

"Partner waiting for word from Woodside on promising Namibia exploration block
Shareholders in Pancontinental remain in limbo on major's Orange basin intentions, despite progress on seismic studies
Woodside Energy chief executive Meg O’Neill.

Woodside continues to keep Australian junior Pancontinental Energy guessing about its intentions surrounding a promising exploration block in Namibia’s red-hot Orange basin, no less than 16 months after securing an option to operate the acreage.

Since the Australian major unveiled its farm-in option in March 2023, Petroleum Exploration Licence (PEL) 87 has arguably become even more attractive because it lies right next door to the block housing Galp Energia’s stunning Mopane oil and gas discovery, which holds an in-place resource of 10 billion barrels of oil equivalent.

Woodside has an option to acquire a 56% stake in the licence after paying for a 6593-square kilometre 3D survey and giving Pancontinental $1.5 million in cash.

This option can be exercised at least 180 days after delivery of the seismic survey data.

In late April, Pancontinental said the long-stop date by which Woodside has to exercise its farm-in option — by committing to drill an exploration well — would be 180 days from the date that the PEL 87 partners give Woodside a licence to hold ongoing rights to the 3D seismic data.

Pancontinental said on Wednesday it is “working to finalise” the seismic licence with the Namibian authorities so the long stop date “can be established as soon as possible”.

However, the company stressed that Woodside could still exercise its option at any time prior to the long stop date.

As things stand, both the current operator and Woodside are undertaking separate technical analyses of the 3D data.

Pancontinental said its primary focus is on Cretaceous play concepts that range in age from Barremian channelised fans to Cenomanian channels, within which it has identified the full array of trapping styles.

The operator noted that seismic bright spots and amplitude-versus-offset (AVO) anomalies — all potential indicators of the presence of hydrocarbons — are “evident” within some exploration leads identified within the greater Saturn complex.

Pancontinental said its in-house technical team is focused on maturing interpretation of key sequences within the Cretaceous petroleum systems that host on-trend discoveries, such as TotalEnergies’ Venus find.

Earlier this month, a specialist consultancy started to undertake an AVO study.

Pancontinental said the bright spots “clearly indicate” the presence of deepwater feeder channels running west into what are interpreted to be deepwater turbidite fan systems, one of which appears to be detached from the feeder system.

These bright spots are located north of the structural high around the legacy Moosehead-1X exploration well, and east of a regional high.

“These features,” argued Pancontinental, “are thought likely to host high quality reservoir sands, of comparable age to those that host TotalEnergies' giant Venus discovery.”

The operator will soon start work on a basin modelling study to fully define the hydrocarbon source kitchen and hydrocarbon charge mechanism and its timing.

Once the AVO and basin modelling work are complete, the Aussie junior can then begin to better define individual prospects.

Even so, Pancontinental said it “remains encouraged by the high quality of the data and is increasingly confident in the hydrocarbon potential of PEL 87”.

Pancontinental holds a 75% stake in PEL 87 and is partnered by local player Custos Energy on 15%, while state-owned Namcor has a 10% interest."

Hopefully Woodside will commit to exploring the oil field or let an operator with proven experience in Namibia such as neighboring Galp or Total get on with it.

Thank you for posting that link. I couldn't open the attachments to my email.

https://clients2.weblink.com.au/clients/pancon/article.asp?asx=PCL&view=61217002

Hopefully it is to reinforce their thoughts about the Pancon deal. Worse case the 3D analysis of the Pancon block was not so great.

Woodside wants a piece of Galp,s pie!! Requested to see the data!

Update: Market Chatter: Exxon, Shell Among Oil Firms Interested in Galp Energia's Namibia Oil
Prospect
10:46 AM ET 07/02/2024 | MT Newswires
CVX PBR SHEL TTE WDS XOM




Update: Market Chatter: Exxon, Shell Among Oil Firms Interested in Galp Energia's Namibia Oil Prospect
10:46 AM EDT, 07/02/2024 (MT Newswires) --(Updates with additional details.)
Exxon Mobil (XOM) and Shell (SHEL) are among the more than 12 oil companies that have expressed interest in buying a 40% stake in Galp Energia's oil discovery off the coast of Namibia, Reuters reported Tuesday, citing sources close to the sales process.
Galp's Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion, according to Reuters.
Companies including Exxon, Shell, Chevron (CVX), TotalEnergies (TTE), Petrobras (PBR), Australia's Woodside Energy (WDS), and Apache Energy struck agreements for accessing geological data of the field, the report said, citing four unnamed sources.
Several firms placed indicative, non-binding offers for the stake in late June, the sources were quoted as saying.
Most companies were expected to give an upfront cash payment to Galp, the report said, citing the sources.
The companies did not immediately respond to
MT Newswires' requests for comment.

Thanks all

Considering the deal that is outstanding a Director selling 6,000,000 shares is not encouraging even at A$0.0208 per share.

Vesna Petrovic sold 6,000,000 shares worth $125,000.

Here you go Doug…..
Sorry for the copy and paste


Appendix 3Y
Change of Director's Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director's Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 30/09/01 Amended 01/01/11
Name of entity
ABN
Pancontinental Energy NL
95 003 029 543
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director
Vesna Petrovic
Date of last notice
18 June 2024
Part 1 - Change of director's relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.
Direct or indirect interest
Direct
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change
N/A
No. of securities held prior to change
Class
Number acquired
Number disposed
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
24 June 2024
PCL
14,913,043 ordinary shares.
PCLO
500,000 listed options.
PCLAD
20,000,000 unlisted options exercisable at $0.007, expiring 30 December 2026.
PCLAF
20,000,000 unlisted options exercisable at $0.0145, expiring 28 July 2027.
PCL
ordinary shares
N/A
PCL
6,000,000 ordinary shares
$126,000
+ See chapter 19 for defined terms.
01/01/2011 Appendix 3Y Page 1

June 24, 2024

This alert is to notify you of new ASX Releases published by Pancontinental Oil & Gas NL.
The new ASX Releases are presented below.

Change of Director's Interest Notice


The above is all I got. Can someone please post what the change is.

Man, these guys are putting me to sleep. Does it really take over a year to fully analyze 3D?

Thanks for posting the link

Woodside 2024 first quarter report and 2023 annual report ... no mention of PEL 87. Is the project too big for Woodside? Even after its recent merger with BHP petroleum?

I would not be surprised if Woodside entices a major oil company to partner with exploration and development of PEL 87 either before option expiration or after the first well.

Namibia is such a hot exploration area and the Saturn turbide complex seems to be generally viewed as a sign of oil prospectively I am shocked at the lack of Woodside corporate enthusiasm.

We should receive the final seismic report soon which should clarify the issues.

https://www.woodside.com/docs/default-source/about-us-documents/first-quarter-2024-report.pdf?sfvrsn=e7d32afc_1

https://www.woodside.com/docs/default-source/investor-documents/major-reports-(static-pdfs)/2023-annual-report/011.-full-year-2023-results-and-briefing.pdf?sfvrsn=4af86e05_5

No updates I can find since 3/2023 announcement:
https://www.offshore-energy.biz/woodside-eyes-offshore-acreage-close-to-shell-and-totalenergies-discoveries-in-namibia/
https://announcements.asx.com.au/asxpdf/20230302/pdf/45m868tbj7xfhg.pdf

GLTA,Farrell

Jan 24,2024 note from PCOGF updating developments:extention of lease in PEL 87 for 2 additional years; suggests final seismic review would be completed in mid March{ have not found that update}; and Woodside would be required to drill the first well 180 days after receiving final seismic data.

Perhaps we can expect drilling late this year.

https://announcements.asx.com.au/asxpdf/20240119/pdf/05zknbm4frn7fk.pdf

2023 yearly report released last week. https://pancon.com.au/wp-content/uploads/2024/05/Pancontinental-Energy-Annual-Report-2023.pdf

Nice review of Namibian efforts and a reminder of what a small, under financed company with almost a billion shares and options out PCOGF represents.

That being said real progress is being made. Hopefully Woodside will get mobilized and get it done.

GLTA Farrell

I just got via email the following

"
Pancontinental Oil & Gas NL ASX Releases Alert
"

But there was no text that I could get to. Anyone able to Copy & Paste the message?

carsonckid Thanks for posting

Here’s the link……

https://www.energynewsbulletin.net/latest-headlines

Namibia shows pulling power as Australian players join feeding frenzy

This was posted on HotCopper last night…

"With majors and others firing up exploration campaigns in the southwest African upstream hotspot, Woodside Energy may be well positioned to firm up its presence in the Orange Basin. Namibia's capacity to attract interest shows no sign of abating, with the most recent bout of announcements from IOCs reinforcing the positive sentiment with fresh billion-barrel oil finds that confirm the country's status as the world's richest hunting ground for global explorers.

The majors have been in the game since February 2022, with the likes of Shell and TotalEnergies making major announcements in the offshore Orange Basin at their respective Graff and Venus blocks. With an estimated 88% drilling success rate claimed in the Orange basin and, notes consultancy Wood Mackenzie, with 230,000 square kilometres of licenced acreage – more than double that of Norway's 100,000 sq km – on offer, Namibia's offshore remains under-explored.

Amid expectations that oil production in Namibia could exceed 500,000 b/d within a decade, none of this has gone unnoticed by Australian E&P players. The ASX-listed junior PanContinental Energy was ahead of the game, taking operatorship in December 2017 of a 75% interest in Petroleum Exploration Licence (PEL) 87, a large 10,947 sq km area in the Orange Basin one-trend with Shell, TotalEnergies and Galp Energia's acquired interests. PanContinental's hunch was that offshore Namibia is an area with a potential for large oil discoveries that could be profitable at prevailing oil prices and highly profitable at better prices.

Fellow Australian Woodside Energy appeared to agree, announcing in March 2023 a deal granting it an option to take a 56% participating interest in PEL 87, delivered from PanContinental's 75% stake. Galp's recent discoveries suggest that PanContinental's hunch about PEL 87 was right. The Portuguese company announced in April the Mopane-1X and Mopane-2X oil discoveries situated 90km south of PEL 87 hold an estimated 10 billion barrels of oil equivalent in-place. Pancontinental regards the Mopane discoveries as being an extremely positive indicator for PEL 87 perspectivity, residing in a similar, intra-slope setting."

According to some chatter on Hot Copper, WDS indicated publicly that they will make a decision on Namibia in June or July. So we are getting close.

Thanks for posting this madmax

Here is news from SEUSF,

PEL 83 Exploration Campaign Update 5 - Successful Completion of Well Testing Operations at Mopane-1X
V.SEI | 17 hours ago
TORONTO, April 21, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided during Q1 2024, Galp (the license operator with an 80% interest) together with its partners NAMCOR and Custos, has successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.

The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. The rig then moved to the Mopane-2X location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets; AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8km to the east, confirming its lateral extension.

The reservoirs’ log measures contain good porosities, high pressures and high permeabilities in large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations. The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.

All acquired data from the current Mopane drilling campaign will be analyzed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex.

PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.

“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83 with Mopane alone containing potential in excess of 10 billion barrels of original oil in place making it one of the largest discoveries globally.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos.

“The results of the initial exploration campaign on PEL 83 are a true milestone for all stakeholders including the people of Namibia, our local partners and Sintana. We are thrilled to be a part of this world class discovery and want to express our sincere gratitude and appreciation for the efforts and tenacity of the Joint Venture partners, including Custos.” said Robert Bose, CEO and Board Member of Sintana. “The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as the Orange Basin emerges as the world’s next great hydrocarbon province.” he added.

NICE VOLUME today 2.27 Million ,.017-.03 range ,off news from SEUSF on 4/21 reason for volume imo .

It is amazing how dead this board has become. The stock is at multi year highs in Australia and by all accounts we should be getting closer and closer to some good news regarding the 3D interpretation and farm-in announcement. I am hoping for a big summer for the stock.

1 million share buy today @…018 usd

nice ,just matter of time ,hit .025 in aussie trading overnite ,
LFG ! .03-05

Excellent information carsonckid. Thank you very much for posting this.

We made upstream news!!!


Australian junior 'sitting pretty' on
Namibia block coveted by Woodside


Initial interpretation of 3D seismic data and Galp's recent Orange basin discoveries boost prospectivity of PanContinental asset.

"Woodside Energy’s decision a year ago to secure a farm-in option over a promising exploration block in Namibia’s Orange basin is looking very astute based on the latest findings from a 3D seismic survey shot over the deepwater tract.

Last March, the Australian major struck a deal that gives it an option to take a 56% interest in Petroleum Exploration Licence 87, which is operated by PanContinental Energy, an Australia-listed minnow whose shares currently languish at A$0.02, or just over one US cent.

This block was already in a well-regarded exploration zip code, but since that deal was agreed, significant oil discoveries made this year by Galp Energia in the block immediately to the south and processed data from the 3D shoot, have made it an even more desirable address.

Woodside can secure a stake in PEL 87 — which covers Block 2713 — in return for, among other things, paying the full cost of the 5600 square kilometre 3D seismic survey that was completed last May.

Once it has received the remaining seismic products and secures a seismic licence, the Australian major has up to 180 days to exercise this option.

In late January, Woodside and PanContinental received final post-stack depth migration (PSDM) products from the shoot which are now being interpreted to initially assess the block’s key geological plays, before a deep dive into individual prospects.

Iain Smith, board advisor to PanContinental, told investors today that Galp’s discoveries combined with results from the 3D survey leave the company “sitting pretty” in block 2713.

Before the new 3D seismic data was acquired, the exploration target PanContinental had always highlighted was Saturn.

But that has all changed, with Smith now talking about prospectivity “across variety of formations and ages, not just Saturn; we’re very pleased with what we’ve seen so far. “We’re extremely encouraged by the prospectivity”.

He explained that the interpretation process for such as large survey is labour-intensive and takes time to get right.

“We’re not simply looking for structures. We’re looking for quite subtle features and not just structures,” he said, adding that the interpretation teams will be looking for amplitude-versus-offset anomalies as well as direct hydrocarbon indicators.

Smith said seven Cretaceous play concepts have been identified to date — in a variety of structural, stratigraphic and combination trapping styles — with additional non-Cretaceous plays, including Tertiary, under evaluation.

What are known as seismic “bright” spots — widely regarded as potential hydrocarbon indicators — have also been mapped.

The 180-day clock has yet to start ticking on Woodside option, and will only be triggered when it receives all seismic products and it secures the seismic licence.

Woodside’s global new ventures team in Houston is evaluating the seismic data."

Looks like we have a new CEO. The Aussie market seems to like it as the stock rose nicely on heavy volume.

Nice to see the stock performing consistently better. Seeing regular volume now in the US shares, holding at .019. The Aussie shares are seeing consistent volume and a price holding around .023. At some point soon they will need to announce some more detailed info on the 3D.

Hmmmm! I was hoping for something in Q1 2024.

looks like Woodside has aprox 8 months to decide about taking it's Operator option for PEL 87.
Pancon granted extension on block 87 with no penalties and no relinquishment on acreage for PEL 87.

https://clients2.weblink.com.au/news/pdf_2%5C02763926.pdf

Good to see a million plus share trading day in PCOGF.

Finally got some action

ASX market price is at .024

Otc market needs to catch up

Ec

Euroz hartleys evaluation

https://hotcopper.com.au/attachments/5881921/?filename=Euroz+PCL.pdf


Ec

FYI guys

Namibia



(Thanks to Malcy's blog)

Jan 11,2024

It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.

Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.

Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.

Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.

The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.

My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.

There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.

Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.

Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.

Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.

This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.

The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.

Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.

Siraj Ahmed, Chief Executive Officer of Impact, commented:

“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.

We thank our Shareholders for their steadfast support that has enabled us to reach this position.”

I hit the ask for another 90K shares

Ec

Looks like the US market needs a US Press release to get people buying

Pps went up because of Galp (Portuguese)
PR


Oh well....soon enough pps will go up

Ec

Huge volume and strong move higher to .023 in the Australian shares last night. News must be leaking. Hopefully we will get that farm-in announcement soon. I am surprised we haven't seen more action in the US shares this morning.

It's going to be a great year

Over 80 million in volume

Ec