EXPLORATION

Pancon farms into Key Cooper Basin assets

IN the first news since its Cormorant-1 wildcat in offshore Namibia came up dry, Pancontinental Oil & Gas told the market this morning it had executed a binding term sheet with fellow junior Key Petroleum to farm into two permits in Queensland's share of the Cooper Basin.

Paul Hunt

Pancon farms into Key Cooper Basin assets

Under the agreement Pancon will earn an initial 20% to 25% interest in ATP 920 and ATP 924, with an option to increase its stake to 35% in ATP 920. Pancon will pay Key $150,000 cash, of which $100,000...

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