“Pancontinental has prudently prepared for the possibility that Woodside may elect not to farm into PEL 87 and a process is already underway to secure an alternate farmin partner to fund exploration drilling within PEL 87 at the earliest opportunity”, Pancontinental said. “The Company has received third party interest and, given the Company’s low quarterly cash burn, remains well funded to progress the farmout process (31 December 2024 cash balance $3.6 million)”.
