Pancontinental Energy NL（“Pancontinental”或“公司”）很高兴提供截至 2024 年 6 月 30 日的季度活动报告。

重点
：� 继续解释和分析 3D 叠前深度偏移 (PSDM) 地震数据集，重点关注白垩纪油气藏概念
� 聘请独立专业咨询公司进行 AVO 研究
� 全球对 Orange Basin 的兴趣持续存在，计划从 2024 年第四季度开始钻探多个勘探井
� 季度末现金余额为 430 万美元，由期权行使支持

PEL 87 项目更新
Pancontinental 对 6,593 平方公里 3D 叠前深度偏移 (PSDM) 地震数据集的解释和分析仍在继续，以初步解释工作为基础，证实了 PEL 87 内存在各种白垩纪和第三纪碳氢化合物油气藏概念。该公司的主要重点是年龄不等的白垩纪油气藏概念从巴列姆阶沟道扇到塞诺曼阶沟道/侵蚀残余。在这些油田中，圈闭方式包括构造、地层和构造-地层组合。

地震“明亮”振幅和振幅与偏移 (AVO) 异常在油田类型的许多勘探线索中都很明显，包括在土星复合体 (土星内部) 内发现的离散线索。目前的内部技术工作重点是完善对白垩纪石油系统内关键序列的解释，这些序列包含趋势发现。

在这方面，Pancontinental 目前的工作重点是土星内部 AVO 异常和巴列姆阶/阿普特阶通道扇形作用。该公司已聘请一家独立的专业咨询公司进行 AVO 研究，该研究于 7 月初开始，将结合 AVO 特定的地震数据调节和岩石物理建模来生成预测的地震响应，以便与实际地震特征进行比较。

图 1 显示了土星内部引线之一的 AVO 效应示例，其异常振幅在超远地震偏移数据上很明显。在进行 AVO 研究的同时，还需要进一步解释工作以确定土星复合体中这一特征和其他特征的精确沉积性质。

公司的技术团队认为巴列姆阶/阿普特阶通道扇形作用可能类似于趋势上的金星石油发现。图 2 显示了顶部阿普特层位（深度）的 3D 透视图，其中叠加了超远偏移振幅。 “明亮”的振幅清楚地表明存在深水进水通道，该通道向正西延伸至 Pancontinental 所解释的深水浊积扇系统，其中一个似乎与进水系统分离。这些通道位于 Moosehead-1X 井周围的构造高点以北，以及外侧区域高点以东。据认为，这些特征可能拥有高质量的储层砂，其历史可与 TotalEnergies 的巨型 Venus 发现区（据报道估计拥有 50 亿桶石油储量）媲美。

在进行 AVO 研究的同时，既然关键区域地质层已经绘制完毕并可供使用，公司将很快开始盆地建模研究，其目的是全面确定碳氢化合物源灶和碳氢化合物充注机制/时间。虽然这些研究和其他技术工作必须先完成，才能全面描述各个前景，但公司仍然对数据的高质量感到鼓舞，并且对 PEL 87 的碳氢化合物潜力越来越有信心。

根据公司于 2024 年 4 月 30 日的报告，伍德赛德能源必须行使其对 PEL 87 的开采选择权（承诺钻探勘探井）的最后期限为 PEL 87 合资企业向伍德赛德提供许可证（地震许可证）以持有 PEL 87 3D 地震数据的持续权利之日起 180 天。Pancontinental 正在与纳米比亚当局合作敲定地震许可证，以便尽快确定最后期限。一旦确定，公司将发布公告。与此同时，伍德赛德正在与 Pancontinental 同时对地震数据进行自己的技术分析，公司指出伍德赛德确实有权在最后期限之前的任何时间行使其选择权（建立地震许可证不是先决条件）。

橙色盆地更新
纳米比亚橙色盆地的钻探活动在 2022 年初以来的长时间活跃之后，出现了短暂的中断。就 PEL 87 而言，最近最重要的钻探结果是 Galp Energia 的 AVO 支持的 Mopane-1X 和 Mopane-2X 石油发现，以及 TotalEnergies 的 Mangetti-1X 发现。据报道，Mopane-1X 在优质砂岩储层中发现了两根重要的油柱，测试时的最大（受限）流量为 14,000 桶/天。Galp Energia 报告称，迄今为止取得的成果使 Mopane 成为一项非常重要的商业发现，Mopane 综合体的潜在资源量超过 100 亿桶油当量。 Galp Energia 正准备在 2024 年第四季度开始进一步的勘探和评估钻探，并寻求剥离其在该项目中的一半权益（据报道，许多大型国际石油和天然气公司正在考虑这一机会）。Pancontinental

认为 Mopane、Venus 和 Mangetti 的发现是 PEL 87 勘探前景的极其积极的指标，因为它们被认为位于与 PEL 87 相似的地质环境中。

在报告期内，Rhino Resources 与 Eni 和 BP 的合资企业 Azule Energy 签订了一项转让协议。根据协议，Azule 将在 PEL 85 内钻探两口勘探井，以获得 42.5% 的权益，据报道钻探将于 2024 年第四季度开始。与此同时，雪佛龙还准备在 PEL 90 开始勘探钻探，其中一口井最初计划钻探。

公司

财务
截至 2024 年 6 月 30 日，公司拥有 4,301,000 美元的现金和现金等价物。

期权转换
公司以每股 0.012 美元的价格将 50,000,000 份上市期权 (PCLO) 转换为 PCL 股票，获得 600,000 美元。此外，Vesna Petrovic 出于个人原因通过员工激励奖励计划的非现金行使功能将 20,000,000 份非上市期权 (PCLAD) 转换为 13,913,043 份 PCL 股票，名义价格为每股 0.007 美元。

季度现金流量报告注释（附录 5B）
第 6.1 项：向关联方及其关联方支付的总额为 146,000 美元，与向执行董事支付的款项有关。报告期内，公司资产基础上的勘探支出为 244,361 美元，用于咨询、法律、差旅和纳米比亚国内费用，包括 Petrofund 年度培训费用 56,000 美元。

本季度没有碳氢化合物生产和开发活动。

关于 PEL 87
石油勘探许可证 87 (PEL 87) 位于纳米比亚南部的橙色盆地近海（参见图 1）。该许可证覆盖 10,970 平方公里的面积，位于自 2022 年初以来道达尔能源、壳牌和 Galp Energia 发现的一系列非常重要的碳氢化合物的趋势上。PEL

87 于 2018 年初授予由 Pancontinental 牵头的合资企业，最长 3 个期限为 8 年（加上可能的延期），并可根据预先商定的条款转换为生产许可证。该许可证目前处于第一个续签勘探期。PEL

87 合资企业的参与者如下：
Pancontinental Orange Pty Ltd（运营商）75%
Custos Investments (Pty) Ltd 15%
纳米比亚国家石油公司 (NAMCOR) 10%

Pancontinental Energy NL ("Pancontinental" or "Company) is pleased to provide its Quarterly Activities Report for the period ended 30 June 2024.

Highlights
• Interpretation and analysis of 3D pre-stack depth migration (PSDM) seismic dataset continues with a focus on Cretaceous play concepts
• Independent specialist consultancy engaged to undertake an AVO study
• Global interest in the Orange Basin continues with multiple exploration wells planned to be drilled commencing Q4 CY24
• Quarter-end cash balance of $4.3m cash, supported by options exercise

PEL 87 Project Update
Pancontinental's interpretation and analysis of the 6,593 km2 3D pre-stack depth migration (PSDM) seismic dataset continues, building on the preliminary interpretation work that confirmed the presence of a variety of Cretaceous and Tertiary hydrocarbon play concepts within PEL 87. The Company's primary focus is on the Cretaceous play concepts which range in age from Barremian channelised fans to Cenomanian channels/erosional remnants. Within these plays, trapping styles encompass structural, stratigraphic and combination structural-stratigraphic.

Seismic "bright" amplitudes and Amplitude vs Offset (AVO) anomalies are evident within a number of exploration leads across the play types, including discrete leads that have been identified within the Saturn complex (intra-Saturn). The current inhouse technical work is focused on maturing the interpretation of key sequences within the Cretaceous petroleum systems that host on-trend discoveries.

Pancontinental's current priorities in this regard are the intra-Saturn AVO anomalies and the Barremian/Aptian channelised fan play. The Company has engaged an independent specialist consultancy to undertake an AVO study, which commenced in early July and will incorporate AVOspecific seismic data conditioning and rock physics modelling to generate predicted seismic responses for comparison to the real-life seismic signature.

Figure 1 displays an example of one of the intra-Saturn leads that exhibit AVO effects, with anomalous amplitudes evident on the ultra-far seismic offset data. In parallel with the AVO study, further interpretation work is required to determine the precise depositional nature of this, and other, features within the Saturn complex.

The Barremian/Aptian channelised fan play is regarded by the Company's technical team as a possible analogue to the on-trend Venus oil discovery. Figure 2 displays a 3D perspective of the Top Aptian horizon (in depth) with ultra-far offset amplitudes overlain. The "bright" amplitudes clearly indicate the presence of deepwater feeder channels running due westwards into what are interpreted by Pancontinental as deepwater turbidite fan systems, one of which appears to be detached from the feeder system. These are located to the north of the structural high around the Moosehead-1X well, and east of the outboard regional high. These features are thought likely to host high quality reservoir sands, of comparable ago to those that host TotalEnergies' giant Venus discovery (reported to hold an estimated 5 billion barrels oil-in-place).

In parallel with the AVO study, now that key regional geological horizons have been mapped and are available the Company will shortly commence a basin modelling study, the aim of which is to fully define the hydrocarbon source kitchen and hydrocarbon charge mechanism/timing. While these studies and other technical work must be completed before individual prospects can be fully characterised, the Company remains encouraged by the high quality of the data and is increasingly confident in the hydrocarbon potential of PEL 87.

As reported by the Company on 30 April 2024, the long stop date by which Woodside Energy must exercise its option to farmin to PEL 87 (by committing to drill an exploration well) will be 180 days from the date upon which the PEL 87 Joint Venture provides to Woodside a license (Seismic License) to hold ongoing rights to the PEL 87 3D seismic data. Pancontinental is working to finalise the Seismic License with the Namibian authorities so that the long stop date can be established as soon as possible. The Company will provide an announcement once this is in place. In the meantime, Woodside is undertaking its own technical analysis of the seismic data in parallel with Pancontinental and the Company notes that Woodside does have the right to exercise its option at any time prior to the long stop date (establishment of the Seismic License not being a pre-requisite).

Orange Basin Update
The Namibian Orange Basin is seeing a brief hiatus in drilling activity, after a prolonged period of significant activity since early 2022. The most significant recent drilling results, as pertains to PEL 87, were Galp Energia's AVO-supported Mopane-1X and Mopane-2X oil discoveries, and TotalEnergies' Mangetti-1X discovery. Mopane-1X is reported to have encountered two significant columns of oil in high quality sandstone reservoirs and flowed at a maximum (constrained) flow rate on test of 14,000 bopd. Galp Energia report that the results achieved thus far position Mopane as a very significant commercial discovery, with the Mopane complex having potential resources of over 10 billion barrels of oil equivalent in-place. Galp Energia is preparing to commence further exploration and appraisal drilling in Q4 2024 and seeks to divest half of its interest in the project (with numerous large international oil and gas companies reported to be considering the opportunity).

Pancontinental regards the Mopane, Venus and Mangetti discoveries as being extremely positive indicators for PEL 87 prospectivity, as they are believed to reside in a similar geological setting to PEL 87.

During the reporting period Rhino Resources executed a farmout agreement with Azule Energy, a joint venture between Eni and BP. Under the agreement Azule will drill two exploration wells within PEL 85 to earn a 42.5% interest, with drilling reported to commence in Q4 CY 2024. Meanwhile Chevron is also preparing to commence exploration drilling in PEL 90, with one well initially slated.

Corporate

Financial
The Company had cash and cash equivalents at 30 June 2024 of $4,301,000.

Conversion of Options
The Company received $600,000 upon conversion of 50,000,000 listed options (PCLO) into PCL shares at $0.012 per share. Also 20,000,000 unlisted options (PCLAD) were converted into 13,913,043 PCL shares at a notional price of $0.007 per share via the cashless exercise facility of the employee Incentive Awards Plan by Vesna Petrovic for personal reasons.

Notes Pertaining to Quarterly Cashflow Report (Appendix 5B)
Item 6.1: The aggregate amount of payments to related parties and their associates of $146,000 relates to payments to Executive Directors. Exploration expenditure on the Company’s asset base during the reporting period was $244,361 for consulting, legal, travel and Namibian in-country expenses including Petrofund annual training contribution of US$56,000.

There were no hydrocarbon production and development activities during the quarter.

About PEL 87
Petroleum Exploration Licence 87 (PEL 87) is located in the offshore Orange Basin, southern Namibia (refer Figure 1). The permit covers an area of 10,970 km2 and is situated on-trend to a number of very significant hydrocarbon discoveries that have been made since early 2022 by TotalEnergies, Shell and Galp Energia.

PEL 87 was awarded to a joint venture led by Pancontinental in early 2018 for up to 3 terms over 8 years (plus possible extensions) and may be converted to a Production Licence under pre-agreed terms. The permit is currently in the first renewal exploration period.

The participants in the PEL 87 Joint Venture are as follows:
Pancontinental Orange Pty Ltd (Operator) 75%
Custos Investments (Pty) Ltd 15%
National Petroleum Corporation of Namibia (NAMCOR) 10%