Tuesday, July 31, 2012

Pancontinental Oil and Gas boosts Kenya and Namibia's Oil Exploration

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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