Orange Basin PEL 87

Background Information

In March 2023 Pancontinental executed an Option Deed with Woodside Energy Ltd, pursuant to which Woodside fully funded a US$35 million-plus 3D seismic survey across PEL 87, completing in May 2023. Having funded the survey Woodside now has an exclusive option to acquire 56% of Pancontinental’s 75% working interest.