Pancontinental Energy NL (AU:PCL) has released an update.
Pancontinental Energy NL reports progress on its PEL 87 project, focusing on the analysis of a seismic dataset that has revealed promising Cretaceous and Tertiary hydrocarbon plays. The company has initiated an AVO study with an independent consultancy to further explore these leads, which display characteristics similar to the significant Venus oil discovery. With a healthy quarter-end cash balance and growing global interest in the Orange Basin, Pancontinental Energy is optimistic about the hydrocarbon potential of the area.
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