Pancontinental Orange seeks a partner for exploration drilling in PEL 87 off the coast of Namibia after Woodside’s withdrawal. The company has identified promising leads and prospects, particularly Oryx and Hyrax, indicating substantial hydrocarbon potential. Pancontinental emphasizes the strategic importance of its location adjacent to significant oil discoveries, while also preparing to secure alternative funding for its exploration activities.
Pancontinental Orange, a subsidiary of Pancontinental Energy, is actively seeking a new partner to finance exploration drilling in petroleum exploration license (PEL) 87, located in the Orange Basin, offshore Namibia. This pursuit follows Australia’s Woodside retracting its interest in the license. Pancontinental has made notable progress in the exploration of PEL 87, identifying six new leads, with two key prospects named Oryx and Hyrax.
The Oryx prospect is characterized by the presence of Type II AVO amplitude anomalies, indicating the largest connected sand body within the area, covering approximately 144 square kilometers. According to Iain Smith, Chief Executive Officer of Pancontinental, the prospective resources for PEL 87 indicate substantial potential, comparable to significant discoveries trend southwards.
Pancontinental’s geological analyses suggest that turbidite sands in the region are influenced by blue water currents, resulting in a high-quality reservoir system. The central area exhibits structural highs with additional AVO anomalies from leads Calypso and Addax, supporting undeveloped prospectivity in the basin. Meanwhile, the Hyrax prospect, located in the southern Saturn complex, spans 400 square kilometers and also reveals Type II AVO amplitude anomalies.
Barry Rushworth, Pancontinental Director, emphasized the attractiveness of the Saturn complex for exploration, attributing it to the size of the targets and similar discoveries in the vicinity. The PEL 87 project, with its extensive 3D seismic dataset, is strategically positioned adjacent to the sizable Mopane discovery, estimated to contain around 10 billion barrels of oil-in-place.
Within PEL 87, the Oryx North and Calypso AVO anomalies are mapped out, indicating a rich depositional environment. The Addax leads include several AVO anomalies ranging from 85 to 330 square kilometers, highlighting the area’s potential for yielding significant hydrocarbons. These characteristics suggest a robust reservoir system resulting from deep water currents in past geological periods.
PEL 87 encompasses an area of 10,970 square kilometers and is surrounded by several notable hydrocarbon discoveries made by leading companies, such as Galp Energia and TotalEnergies. Currently, PEL 87 is in its first renewal exploration period, set to conclude in January 2026. Pancontinental holds a 75% interest, with Custos Investments and the National Petroleum Corporation of Namibia holding 15% and 10%, respectively.
Following Woodside’s withdrawal from the farm-in agreement, Sintana, a partner in the joint venture, is actively pursuing alternative partners willing to fund exploration drilling. The extensive dataset sourced from 3D seismic surveys, funded by Woodside, has established a framework for potential leads and prospects.
Robert Bose, CEO of Sintana, noted the importance of the seismic data, stating that it positions the PEL 87 partnership favorably for expediting farm-in discussions. Pancontinental is optimistic about securing a new partner, with Smith affirming the value of the 3D seismic data and ongoing technical work in attracting potential partners for PEL 87.
In conclusion, Pancontinental Orange is strategically seeking a new financial partner for exploration at PEL 87, following Woodside’s withdrawal. The identified prospects, particularly Oryx and Hyrax, display significant geological promise, bolstered by extensive seismic data supporting attractive exploration potential. The joint venture aims to capitalize on the rich hydrocarbon landscape of the Orange Basin with hopes to secure funding for further drilling activities.
Original Source: www.offshore-energy.biz
