Pancontinental Energy Seeks New Partner for Petroleum Exploration License in Namibia

Pancontinental Orange, a subsidiary of Pancontinental Energy, is searching for a new partner to provide the necessary funds for exploration drilling in petroleum exploration license (PEL) 87 located in the Orange Basin off the coast of Namibia. This initiative comes after Australia’s Woodside decided against acquiring an interest in the license.

Pancontinental has independently advanced the interpretation of the PEL 87 intra-Saturn exploration inventory, identifying six additional leads. The Oryx and Hyrax features are now considered prospects, with Oryx being the older basin floor fan within the Saturn complex, boasting a Type II AVO amplitude anomaly and a potential sand body of up to 144 square kilometers within the prospect’s total area of over 500 kilometers.

Iain Smith, Pancontinental’s CEO, expressed optimism about the prospective resources in the PEL 87 project, highlighting the giant potential and favorable comparisons to significant discoveries in the region. The company is actively seeking a farminee for exploration drilling to capitalize on these opportunities.

The company’s exploration efforts have revealed the potential for an extensive and high-quality reservoir system in the area, with turbidite sands influenced by blue water currents. The presence of AVO anomalies in features like Calypso and Addax further underscores the exploration potential in PEL 87.

Barry Rushworth, Pancontinental Director, emphasized the attractiveness of the Saturn complex as an exploration play, especially in light of major discoveries in the region. The company’s strategic position within the Namibian Orange Basin, coupled with a high-quality 3D seismic dataset, enhances the prospectivity of PEL 87.

Exploring the Potential

The Oryx North and Calypso AVO anomalies, along with the Xerux prospect in the Saturn complex, offer significant exploration targets. The Addax Channel and Addax Fan leads indicate deep-water turbidite systems ideal for exploration, showcasing the diverse potential within PEL 87.

Located in the offshore Orange Basin, PEL 87 covers an area of 10,970 square kilometers and aligns with key hydrocarbon discoveries made by industry leaders. The current license period includes commitments for exploration drilling and seismic data acquisition, reflecting the company’s dedication to unlocking the area’s potential.

Despite Woodside’s decision not to farm into PEL 87, Pancontinental remains optimistic about securing a new partner to fund exploration activities. The company’s extensive seismic dataset and ongoing technical work position it well for future collaborations in the region.

As Pancontinental continues its quest for a new partner, the potential for significant discoveries in PEL 87 remains promising. With a strong focus on exploration and partnership development, the company looks forward to unlocking the untapped resources in the Namibian Orange Basin.