Woodside Energy has declined the opportunity to farm into offshore Namibia’s PEL 87. Pancontinental Orange remains the operator with a 75% interest, seeking alternative partners for exploration funding. The seismic survey has revealed promising prospects for potential drilling, notably the Oryx, Hyrax, and Xerux targets.
Woodside Energy has opted not to pursue an opportunity to farm into petroleum exploration license 87 (PEL 87), located in the Orange Basin offshore Namibia. The current operator, Pancontinental Orange Pty Ltd., retains a 75% interest, while Custos Investments holds 15%, and the state-owned NAMCOR possesses a 10% interest. The consortium now plans to find an alternative partner to support funding for exploration drilling, with the initial renewal exploration period set to conclude on January 22, 2026.
Previously, Woodside committed to funding a 6,593-square-kilometer 3D seismic survey for the license. Following a thorough interpretation of the dataset, Pancontinental has identified an inventory of leads and prospects reminiscent of the discoveries made in adjacent deepwater blocks within the basin. Among the notable candidates earmarked for drilling includes the Oryx prospect, positioned within the turbidite sands of the PEL 87 Saturn complex.
Additionally, the Hyrax prospect, situated in the southern section of the same complex, offers a slightly younger reservoir target compared to Oryx. The turbiditic sands in Hyrax are believed to have been influenced more significantly by winnowing due to blue water currents. Another prospect identified is Xerux, located in the central northern area of the Saturn complex.
In summary, Woodside Energy’s decision not to engage in the PEL 87 farm-in opportunity allows Pancontinental and its partners to seek a new funding source for exploration drilling in the Orange Basin. The ongoing exploration efforts include significant seismic data analysis, leading to the identification of promising drilling candidates like the Oryx, Hyrax, and Xerux prospects. This strategic move will shape the consortium’s future exploration activities in the region.
Original Source: www.offshore-mag.com
