Pancontinental Energy has provided its Quarterly Activities Report for the period ended 31 March 2025. Pancontinental has initiated a farmout process to secure a joint venture partner to fund exploration drilling within PEL 87, offshore Namibia. The licence contains the Saturn Complex, comprising two main prospects and six additional leads.
Highlights
- Basin Modelling study indicates that expelled oil volume from Saturn Complex fetch area is in the region of 20 billion barrels oil
- Saturn Complex High Case prospective resources estimated at 3.8 Billion barrels of oil (net to Pancontinental, arithmetic sum of High Cases)+
- Strong industry interest received in PEL 87 farmin opportunity from a combination of supermajors, large independents and national oil companies
- Azule Energy's recent Capricornus-1X oil discovery reinforces prospectivity of intraslope trend within which the Saturn Complex is situated
- Commencing Environmental Impact Assessment process for exploration drilling approvals
- Well-funded with quarter-end cash balance of $3.1 mm +
PEL 87 Project Status
On 18 March 2025 the Company announced its estimates of prospective resources for PEL 87, which confirm the giant potential of the Saturn Complex, comparing favourably to the very significant discoveries on-trend to the south.
Pancontinental has initiated a farmout process to secure a joint venture partner to fund exploration drilling within PEL 87, offshore Namibia, at the earliest opportunity. Pancontinental is engaged only with those companies that have deepwater operational capability with a commensurate balance sheet, and the Company is encouraged by the strong level of interest received from a combination of supermajors, large independents and national oil companies.
Click here for full announcement ( including technical info and reserves estimates).
Source: Pancontinental Energy
