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PANCONTINENTAL QUARTERLY ACTIVITIES REPORT Oil & Gas NL MARCH 2021 Summary Namibia - Offshore PEL 87 & PEL 37 Pancontinental's in - house personnel have continued studies on the PEL 87 licence area . French major Total is scheduled to drill the Venus - 1 well later this year . This well will be located in a block on - trend to the Company's PEL 87 licence and at the same stratigraphic level . Results of the well will provide valuable data for Pancontinental's modelling . Operator Tullow has now withdrawn from the PEL 37 Joint Operating Agreement and Pancontinental along with the remaining partners are in the process of applying for a two year extension in the licence . The extension being sought will be a two year , 3rd Renewal Period . Queensland - Onshore ATP 920 & 924 - Cooper Basin For personal use only Authorities to Prospect 920 and 924 in the Cooper Basin reached their second anniversary , with Operator Key Petroleum Limited advising that the joint venture is in full compliance with the revised work programme . The Operator on behalf of the joint venture submitted a report for remote sensing ( satellite imagery ) , encompassing the permit areas and highlighting the effects of periodic water inundation within the region . During the quarter , the Operator received notification from the Department of Natural Resources , Mines and Energy that the joint venture had been granted a Special Amendment for the Renewal work program in ATP 924. This was due to an application submitted on the grounds of Force Majeure due to COVID - 19 disruptions . The revised work program removes the Year 1 well and estimated $ 2.6 million in associated costs . Corporate Cash balance of AU $ 781k as at the end of the quarter . During the quarter , the Company was pleased to advise that it has completed a bookbuild to raise $ 710,000 through a Placement of 710,000,000 shares at an issue price of $ 0.001 per share to sophisticated and professional investors , including directors . The funds raised will be used in conjunction with existing cash for exploration activities , business development , payment of expenses and general working capital purposes . 12 months on from the response to the COVID - 19 pandemic and Pancontinental continues with initial cost cutting measures . Administration and personnel costs for the 9 months July 2019 to March 2020 were $ 820k , this financial year for the same period these costs are now $ 453k . The Company relocated its office to 30 Richardson Street , West Perth during the reporting period . This move will bring further cost savings of approximately $ 70k per annum to the Company .