Australia's Pancontinental Energy hits 8-year high on Woodside deal

Pancontinental Energy NL

02/03/2023 02:49

** Shares of Pancontinental Energy NL  PCL.AX  jump as much
as 25% to A$0.015, their highest since April 16, 2015
    ** Oil and gas-focused explorer says co and Woodside Energy
 WDS.AX  signed option deed, providing Woodside future election
to enter the deep-water Namibia PEL 87 project
    ** Woodside to fully fund an estimated $35 mln seismic
survey and pay Pancontinental $1.5 mln in cash 
    ** In exchange, Woodside will have exclusive option to enter
the PEL 87 licence and joint venture with 56% and operatorship 
    ** Woodside to pay a further $2.5 mln if it elects to
exercise its option
    ** PCL posts its biggest intraday pct gain since Dec 19,
2022
    ** WDS jumps as much as 2.6% to A$37.750, its highest since
Jan 25
    ** PCL stock had risen 33.3% this year, as of last close

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))