Pancontinental Orange is actively searching for a funding partner for exploration drilling in PEL 87 following Woodside’s withdrawal. Significant prospects, including Oryx and Hyrax, have been identified based on extensive seismic data. The venture’s strategic location near the Mopane discovery enhances its attractiveness as the company aims to fast-track discussions with potential partners.
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 off Namibia’s coast. This search follows Australia’s Woodside withdrawing its interest in acquiring a stake in the license. Pancontinental has enhanced its interpretation of the intra-Saturn exploration inventory and identified six additional leads, with Oryx and Hyrax now classified as prospects.
The Oryx prospect features a notable Type II AVO amplitude anomaly, highlighted for its size, with the largest connected sand body spanning 144 square kilometers of the overall area exceeding 500 square kilometers. Iain Smith, CEO of Pancontinental, emphasized the significance of the prospective resources, stating their potential is comparable to substantial discoveries in the region.
According to Pancontinental, turbidite sands impacted by blue water currents are expected to yield a high-quality reservoir system due to sediment winnowing. The central area showcases structural highs with AVO anomalies linked to Calypso and Addax leads. The Hyrax prospect, located in the southern Saturn complex, encompasses its own AVO amplitude anomalies over an area of 400 square kilometers.
Barry Rushworth, Director at Pancontinental, affirmed the attractiveness of the Saturn complex for exploration, citing significant target sizes and ongoing discoveries in the vicinity. Additionally, the PEL 87 joint venture benefits from an extensive and valuable 3D seismic dataset. Notably, PEL 87 remains the sole permit available next to the prolific Mopane discovery, believed to contain approximately 10 billion barrels of oil-in-place.
This project includes AVO amplitude anomalies identified at Oryx North and Calypso, with evidence of substrate scouring and sand redistribution driven by blue water currents. The Xerux prospect, alongside Addax Channel and Addax Fan leads, indicates further sizable opportunities based on amplitude anomalies from turbidite systems in the region. The Addax South lead presents additional promise across a sizable area as well.
Covering 10,970 square kilometers, PEL 87 aligns with notable recent discoveries made by companies like Galp Energia and TotalEnergies. The license has entered a renewal exploration period from January 23, 2024, to January 22, 2026, requiring either the drilling of an exploration well or the acquisition of seismic data.
Currently, Pancontinental holds a 75% interest in PEL 87, while Custos Investments and the National Petroleum Corporation of Namibia (NAMCOR) own 15% and 10% respectively. Sintana, which has a 49% stake in Custos, confirmed Woodside’s decision not to engage with PEL 87 before the expiration of their option on May 18, 2025. With the existing extensive seismic dataset funded by Woodside, the partners are looking to secure alternative financing for exploration drilling without delay.
Pancontinental Orange is seeking a new partner to fund its hydrocarbon exploration endeavors in PEL 87 offshore Namibia after Woodside withdrew its interest. The company has identified significant prospects, including Oryx and Hyrax, supported by a comprehensive 3D seismic dataset. The venture is well-positioned given the proximity to major discoveries like Mopane. Moving forward, Pancontinental aims to expedite farm-in discussions to secure necessary funding for drilling operations.
Original Source: www.offshore-energy.biz
