Pancontinental Energy NL has reported that recent technical studies on its PEL 87 licence in Namibia’s Orange Basin indicate a potential oil generation capacity of more than 20 billion barrels beneath the Saturn Complex.
The announcement follows two in-depth studies ,a basin modelling analysis and a Quantitative Interpretation (QI) of 3D seismic data ,which both support the presence of hydrocarbons and high-quality reservoirs in the offshore block.
“We are pleased to have progressed these two key studies, which confirm that the Saturn Complex is particularly well placed to receive oil charge into reservoir systems that exhibit potential for high net-to-gross sandstone units and good indications for the presence of hydrocarbons,” said Pancontinental CEO Iain Smith.
According to the company, the QI study confirms the presence of consistent Class II AVO (amplitude versus offset) anomalies and supports the interpretation of a robust reservoir system within the Saturn Complex.
Additional seismic analysis, including synthetic modelling and inversion data, further suggests the presence of hydrocarbons and favourable reservoir quality.
Smith added that more screening work is under way.
“Additional QI screening studies are being progressed, as are revisions to Pancontinental’s estimates of prospective resources and geological risking, targeting late July,” he said.
PEL 87 covers approximately 10,970 square kilometres and lies on-trend with major recent discoveries by TotalEnergies, Shell and Galp Energia in the same basin.
The licence is operated by Pancontinental Orange (75%), with Custos Investments holding 15% and the National Petroleum Corporation of Namibia (NAMCOR) the remaining 10%.
Pancontinental says the latest findings position PEL 87 as one of Namibia’s most promising offshore prospects, citing low gas-oil ratios and favourable geological conditions that could support future development.
