Pancontinental buys Bombora, Begg takes over

Pancontinental Oil & Gas has made changes to its board and executive line-up after completing its acquisition of private company Bombora Natural Energy.

Pancontinental announced plans to acquire Bombora last month, making it the third company to make a play for Bombora after Zeta Petroleum and Magnum Gas & Power backed out of their own respective proposals earlier this year.

Bombora directors John Begg and Marie Malaxos have joined Pancontinental’s board as directors, with Mr Begg also replacing Roy Rushworth as chief executive, while Pancontinental director David Kennedy has returned to his former post as chairman of the business.

Mr Rushworth will remain on the board as a director, while Vesna Petrovic has left the board but will continue to serve as chief financial officer.

“By acquiring Bombora, Pancontinental brings into the portfolio funded, near-term drilling that could deliver early production,” Mr Begg said.

“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.”

Pancontinental also said its recently launched $2 million capital raising was due for completion next week.

Bombora is farming into UIL Energy’s onshore gas tenements in the Perth Basin, under an agreement announced in September last year.

Shares in Pancontinental were unchanged at 0.2 cents at 11:45am.