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PANCONTINENTAL QUARTERLY ACTIVITIES REPORT Energy NL SEPTEMBER 2021 Summary Namibia - Offshore PEL 87 & PEL 37 The latest news out of Namibia is that the much anticipated drilling of the Venus Prospect on Total Energies ' Namibian Block 2913B which had been scheduled for a September start is now expected to be delayed again . The Government of Namibia expects the drilling platform to arrive in its waters around December 2021. Pancontinental and its industry peers have been eagerly awaiting the commencement of the Venus - 1 well drilling in the adjacent block to Pancontinental's Block 2713 ( PEL 87 ) as the results will be of utmost importance to explorers in the region . The Venus Prospect and Pancontinental's Saturn feature share similar prospectivity and seismic character and as such drilling will provide valuable data . The Ministry of Mines and Energy in Namibia is currently assessing the PEL 37 Joint Venture's application for a two year extension in the licence . Queensland - Onshore For personal use only ATP 920 & 924 - Cooper Basin An application made by Operator Key Petroleum Limited for Project Status has now been approved . This will allow the joint venture to transfer commitments between the Authorities to Prospect , allowing the joint venture to focus its efforts on the most prospective areas . Corporate Cash balance of AU $ 1.0m as at the end of the quarter . During the quarter , the Company completed a bookbuild to raise $ 1.0 million through the placement of 1,037,507,325 shares at an issue price of $ 0.001 per share to sophisticated and professional investors . $ 917k for the issue of 917,507,325 shares was received and shares duly granted . The remaining 120,000,000 shares were subject to shareholder approval at the General Meeting held post quarter end on 21 October 2021. Resolutions for the ratification of the placement and Directors ' contributions to the placement of $ 120,000 ( 120,000,000 shares ) were put forward to the meeting and passed on a poll . On 29 July 2021 , Pancontinental held a General Meeting which had previously been postponed due to the Perth lockdown . Resolutions for the ratification of the $ 710,000 Placement ( 710,000,000 shares issued @ $ 0.001 per share ) announced in February 2021 , Directors ' contributions to the placement of $ 110,000 ( 110,000,000 shares ) and the name change to Pancontinental Energy NL were put forward and passed on a poll at the General Meeting .