Pancontinental completes acquisition of Bombora
Pancontinental Oil & Gas has advised that the conditions precedent for the transaction to acquire Bombora Natural Energy, including Pancontinental shareholder approval, have been met, with it having completed acquisition of 100% of the shares of Bombora.
Pancontinental has advised of a number of changes to its board, with John Begg, a current Director of Bombora, joining the board as an Executive Director and taking over as CEO from Barry Rushworth, with Rushworth to remain on the board as a Non-Executive Director.
“First and foremost, I would like to thank the board, both past and present, for their hard work and commitment to the company,” Begg commented. “The recently announced farm-in by ONGC to the flagship Namibia PEL 37, where Pancontinental is carried at 30% through the next well to be drilled, confirms the potential of their original vision for the company.
“By acquiring Bombora, Pancontinental brings into the portfolio funded, near-term drilling that could deliver early production. Although in the new assets Pancontinental will mostly be targeting existing discovered gas resources requiring appraisal drilling to prove commerciality, there are many common elements to the expanded portfolio.
“The company continues to focus on conventional plays with high resource volume potential and where it can add value via the drill bit. We expect to be one of the most active junior companies in the sector over the coming 12 months, with our drilling program commencing in just a few weeks.”