Pancontinental Orange Seeks New Partner for Offshore Namibia Hydrocarbon Exploration

Pancontinental Orange is searching for a new partner to finance drilling in petroleum exploration license (PEL) 87 offshore Namibia, after Woodside withdrew interest. The company has made significant advancements in exploring the area’s potential, identifying six leads including key prospects Oryx and Hyrax. With strong seismic data and geological support, Pancontinental is poised for new partnerships to advance exploration efforts.

Pancontinental Orange, a subsidiary of Pancontinental Energy, is seeking a new partner for funding exploration drilling in petroleum exploration license (PEL) 87, located in Namibia’s Orange Basin, following Woodside’s decision to withdraw from acquiring an interest in the license. The company has enhanced its interpretation of PEL 87’s intra-Saturn exploration inventory, identifying six additional leads, with Oryx and Hyrax designated as prospects.

The Oryx prospect is notable for being the largest connected sand body within the complex, spanning 144 square kilometers and exhibiting a Type II AVO amplitude anomaly, while its total area exceeds 500 square kilometers. “We are pleased to announce our estimates of prospective resources for the PEL 87 project, which we believe demonstrates giant potential…” stated Iain Smith, the Chief Executive Officer of Pancontinental.

The company explains that turbidite sands are influenced by blue water currents, leading to the potential formation of an extensive reservoir system. The central area is located over a structural high with significant AVO anomalies including Calypso and Addax leads. In contrast, the Hyrax prospect showcases Type II AVO amplitude anomalies across a 400-square-kilometer area, with younger reservoir targets having potentially better-winnowed sands.

Barry Rushworth, a Director of Pancontinental, emphasized the attractiveness of the Saturn complex, citing substantial target sizes and major discoveries to the south. The PEL 87 joint venture occupies a significant position in the Namibian Orange Basin, uniquely controlling a sizeable seismic dataset.

The mapped Oryx North and Calypso anomalies highlight areas of interest, while analysis suggests evidence of substrate scouring in critical regions. Concurrently, the Xerux prospect and the Addax Channel leads indicate promising turbidite systems beneficial for potential hydrocarbon exploration.

PEL 87 encompasses 10,970 square kilometers in the offshore Orange Basin, aligning with significant discoveries made by industry leaders such as Galp Energia and TotalEnergies. The permit is currently undergoing a renewal exploration period set to conclude on January 22, 2026, entailing a work commitment to drill one exploration well.

Pancontinental maintains a 75% interest in PEL 87, with partners Custos Investments at 15% and NAMCOR at 10%. Sintana holds a 49% indirect interest in Custos and has initiated steps to find a replacement for Woodside that resigned from its option to join PEL 87.

The diagnostic work has successfully revealed extensive prospectivity from the 3D seismic dataset funded by Woodside. Robert Bose, CEO of Sintana, noted the favorable position for the partners in farm-in discussions thanks to this data.

Smith reiterated the company’s preparedness for Woodside’s exit from the project, emphasizing the potential adjacent to the significant Mopane discovery. Furthermore, with the benefit of their 3D seismic data and previous work, they aim to engage with third parties to find a new farm-in partner for PEL 87.

In summary, Pancontinental Orange is actively seeking a new partner to finance exploration in PEL 87 after Woodside opted out. The company has identified significant lead prospects within its license and is well-positioned due to extensive seismic data and geological findings. With a solid exploration program in place and established interest from industry players, Pancontinental is determined to secure a new farm-in partner. As exploration progresses, PEL 87 remains a compelling opportunity within a promising hydrocarbon region, benefiting from existing discoveries in the Orange Basin, potentially leading to significant exploration developments.

Original Source: www.offshore-energy.biz