Pancontinental Energy falls as Namibia unit withdraws from petroleum exploration licence

Pancontinental Energy NL

09/09/2022 02:01

** Shares of Australia's Pancontinental Energy NL  PCL.AX 
rise as much as 22.2% to A$0.0035, their lowest since Feb 23
    ** Co's unit Pancontinental Namibia decided to withdraw from
the process of seeking an extension to the original petroleum
exploration Licence 37 in Walvis Basin in offshore Namibia, a
license the explorer had since 2011  urn:newsml:reuters.com:*:nASX8d3Srx
    ** The Perth-based company says that unit will not be able
to reach an agreement with the remaining JV partner
    ** Also says has now decided to apply for a new longer term
license
    ** Stock posts its biggest intraday pct fall since July 15
    ** Co eyes second straight loss session
    ** More than 61.8 mln shares change hands, compared with the
30-day average volume of 12.1 mln
    ** Stock sheds 12.5% so far this week, tracks its second
straight week of loss
    ** Stock has risen 350% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))