Woodside Energy has declined a farm-in opportunity for PEL 87 offshore Namibia. The license will remain under Pancontinental’s operation with a current partnership structure. Pancontinental seeks a new partner for drilling funding as the exploration period nears its end in January 2026. Promising prospects for exploration have been identified, namely Oryx, Hyrax, and Xerux.
Woodside Energy has formally declined the opportunity to farm into the petroleum exploration license 87 (PEL 87) located in the Orange Basin offshore Namibia. The current consortium managing the license consists of Pancontinental Orange Pty Ltd., which holds a 75% interest, along with Custos Investments at 15% and state-owned NAMCOR at 10%.
Moving forward, Pancontinental plans to search for a new partner to assist in funding exploration drilling, with the first renewal period for the license expected to end on January 22, 2026. Woodside previously financed a 6,593-square-kilometer 3D seismic survey for the license.
Following the analysis of the seismic data, Pancontinental has created an inventory of exploration leads and prospects, some of which are comparable in scope to prior discoveries in adjacent deepwater blocks of the basin. Key prospects include the Oryx prospect, located in turbidite sands within PEL 87’s Saturn complex.
Another notable candidate is the Hyrax prospect situated in the southern region of the Saturn complex, distinguished by a younger reservoir target compared to Oryx, influenced more by ocean currents. Additionally, the Xerux prospect is identified in the central northern area of the Saturn complex, offering further exploration potential.
In summary, Woodside Energy has opted out of the farm-in opportunity for petroleum exploration license 87, which is operated by Pancontinental Orange Pty Ltd. The consortium will look for a new partner to finance drilling in the license area as they move towards the expiration of the exploration period. Key drilling prospects identified include Oryx, Hyrax, and Xerux within the Saturn complex, highlighting the area’s potential for significant hydrocarbon discoveries.
Original Source: www.offshore-mag.com
