Pancontinental Orange is seeking a new partner to fund exploration in PEL 87 off Namibia after Woodside withdrew its interest. The area contains several promising prospects, notably the Oryx and Hyrax, with a substantial geological dataset supporting potential high-quality reservoir formations. Pancontinental is optimistic about securing new partnerships to facilitate drilling operations in the prospective Orange Basin.
Pancontinental Orange, a subsidiary of Pancontinental Energy, is actively seeking a new partner to fund exploration drilling in petroleum exploration license (PEL) 87, located in the Orange Basin, Namibia. This pursuit follows Woodside Petroleum’s decision to refrain from acquiring an interest in the license. Pancontinental indicates progress in interpreting the PEL 87 intra-Saturn exploration inventory, which now includes six new leads, highlighting the Oryx and Hyrax features as promising prospects.
The Oryx prospect is identified as the older basin floor fan within the Saturn complex, displaying a distinct Type II AVO amplitude anomaly. It constitutes the largest connected sand body in the area, covering up to 144 square kilometers of a total prospect area exceeding 500 kilometers. Chief Executive Officer Iain Smith stated, “We are pleased to announce our estimates of prospective resources for the PEL 87 project, which we believe demonstrates giant potential.”
The exploration area is characterized by turbidite sands, influenced by blue water currents that may wash away finer sediments, thus forming extensive and high-quality reservoirs. This structural analysis reveals additional AVO anomalies attributed to the Calypso and Addax leads overlaying the central structural high of PEL 87. The Hyrax prospect, being younger, has pronounced Type II AVO amplitude anomalies across a 400-square-kilometer area, suggesting strong sediment winnowing.
Barry Rushworth, Director of Pancontinental, remarked on the attractiveness of the Saturn complex, referencing the significant size of the targets and the ongoing major discoveries in the adjacent regions. He emphasized that PEL 87, adjacent to the Mopane discovery containing approximately 10 billion barrels of oil-in-place, is positioned favorably within the Namibian Orange Basin.
Prospective areas within PEL 87 include the Oryx North and Calypso AVO anomalies, as well as the Xerux prospect, which encompasses Type II AVO amplitude anomalies in a 250-square-kilometer region. These features signal the existence of robust reservoir bodies formed through complex geological processes. Furthermore, leads under the Addax Channel and Addax Fan comprise numerous AVO anomalies, reflecting active reservoir deposition dynamics.
In terms of contractual agreements, the initial renewal exploration period for PEL 87, which spans from January 23, 2024, to January 22, 2026, mandates drilling one exploration well or acquiring seismic data if no drillable prospect is identified. The license, held by Pancontinental (75%), Custos Investments (15%), and NAMCOR (10%), is currently under examination for farm-in opportunities following Woodside’s withdrawal.
Notably, Sintana, holding a 49% indirect interest in Custos, has been informed by Woodside about its decision not to exercise the option to join PEL 87 before the deadline of May 18, 2025. Sintana is proactively seeking an alternative farm-in partner to support drilling activities. CEO Robert Bose commented, “The extensive dataset arising from the seismic acquisition campaign funded by Woodside… position the PEL 87 partners to expedite farm-in discussions.”
Pancontinental has anticipated the possibility of Woodside’s withdrawal and asserts that PEL 87 remains the only permit adjacent to the giant Mopane discovery that is not currently held by a major oil and gas entity. CEO Iain Smith expressed optimism, stating, “We look forward to our continued discussions with third parties as we work to secure an alternate farm-in partner for PEL 87.”
In summary, Pancontinental Orange is actively seeking a new partner for exploration drilling in PEL 87 offshore Namibia following Woodside’s withdrawal. The area shows promising geological features, including multiple leads and prospects with significant potential. The company remains committed to advancing discussions with potential partners to fund exploratory efforts and capitalize on the identified resources in the Orange Basin.
Original Source: www.offshore-energy.biz
