Pancontinental Energy, the operator of PEL 87 offshore Namibia, is optimistic about the prospect of discovering oil in the Namibian Orange Basin.
GALP Energia’s Mopane-1X exploration well, which recently reported a significant oil discovery, is located in PEL 83 immediately to the south of PEL 87.
“GALP’s PEL 83 prospects are thought by Pancontinental to reside in a very similar (intra-slope) setting to the PEL 87 Saturn feature, with the reservoir sands being of comparable age and sharing the same oil source formation (Kudu Oil Shale). Pancontinental regards the Mopane-1X result as extremely positive for PEL 87 prospectively,” said the listed oil and gas exploration company.
Pancontinental has announced that the Ministry of Mines and Energy has approved the extension of the PEL 87 permit into the first renewal exploration period, running from January 23, 2024, to January 22, 2026.
“Pancontinental has now received approval from the MME, with an exemption from the relinquishment obligation at the end of the initial period. With the permit thereby preserved at its full extent of 10,970 km2, Pancontinental and partners retain a very
significant footprint of prime exploration acreage within the Namibian Orange Basin exploration hotspot,” the company said.
Pancontinental also advised that it has now received the final PEL 87 3D prestack depth migrated (PSDM) seismic volume from primary processing contractor CGG.
“A comprehensive and detailed interpretation of the PEL 87 3D seismic can now commence and will include a significant quantitative interpretation (QI) program, designed to identify seismic anomalies that may represent direct hydrocarbon indicators. This QI program can only commence now that the migrated angle stack gathers are available and will include Amplitude vs Offset analysis. Given the significant amount of interpretation and analysis that is required, Pancontinental anticipates that results will be some months away,” the ASX-listed exploration company said.
Pancontinental Executive Director, Barry Rushworth, commented, “While patience is required with regards to the significant 3D seismic interpretation and modeling effort, and also establishment of the long stop date, the prolific Namibian Orange Basin continues to deliver, and I believe Pancontinental continues to be exceedingly well-placed for an exciting 2024 and beyond.”
Pancontinental is the operator of PEL 87 with a 75% interest, with the partner Custos Investments holding 15% and the National Petroleum Corporation of Namibia (NAMCOR) with a 10% stake.
