Australia's Pancontinental Energy rises on license extension in Namibia

Pancontinental Energy NL

05/12/2022 05:17

** Shares of Pancontinental Energy NL  PCL.AX  rise as much
as 23.08% to A$0.008, their biggest intraday pct gain since Nov.
11 
    ** Stock hits highest level since June 2
    ** Australia's oil and gas-focused explorer says the current
initial exploration period of its Namibia offshore petroleum
exploration license (PEL) 87 has been extended
    ** Co says the Namibian Minister of Energy has extended the
license for another one-year period
    ** Says an obligatory 50% relinquishment of license area has
been waived by the minister, leaving the license area of 10,970
sq km until the expiry of the extended term
    ** More than 83.4 mln shares change hands, vs the 30-day
average volume of 13.7 mln shares
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))