Pancontinental Energy NL has applied for a 12-month extension to the First Renewal Exploration Period of its PEL 87 licence offshore Namibia, as the current licence period comes to an end.
The Australia-listed company said its wholly owned subsidiary, Pancontinental Orange Pty Ltd, acting on behalf of the PEL 87 joint venture partners, submitted the extension application to the Ministry of Industries, Mines and Energy (MIME) on 6 October 2025.
Pancontinental said it has not yet received formal notification from the ministry, nor has it been asked to provide additional information.
The First Renewal Exploration Period is due to expire on 22 January 2026.
“The company is liaising with MIME and will provide a further announcement as soon as formal notification is received,” Pancontinental said.
While neither the Petroleum Act nor the PEL 87 Petroleum Agreement explicitly addresses this situation, the company noted that, under the Act, an exploration licence does not expire while a renewal application is under consideration by the ministry.
PEL 87 is operated by Pancontinental Orange Pty Ltd, which holds a 75% interest in the joint venture.
Custos Investments owns 15%, while the National Petroleum Corporation of Namibia (NAMCOR) holds the remaining 10%.
The offshore licence is located in the Orange Basin, one of Namibia’s most prospective petroleum regions following a series of major oil discoveries in recent years.
