Pancontinental Oil and Gas is a petroleum (oil and gas/ hydrocarbons) exploration company with key interests in Australia, Kenya, and Namibia.
Pancontinental Oil and Gas, an Australian Stock Exchange-listed
company has raised an additional A$4.43 million for its oil and gas exploration
in Kenya and Namibia.
The company completes the original A$ 50 million placement,
which comprises of a A$45 million share placement to institutional investors
and a further A$5 million share purchase plan.
Proceeds from the placement will go to fund the drilling of
Mbawa well in Block L8 and L6, offshore Kenya as well as the ongoing
exploration in Blocks L 10A and L 10B. The proceeds will be further used in Block
EL 0037 in Namibia.
Pancontinental has a 15 percent stake in Mbawa’s Block L8
where operator Apache Corporation will start drilling in August,with targets of up
to 700 million barrels of oil.
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