Pancontinental has invested more than $5 million in the exploration of PEL 87 in Namibia’s Orange Basin during the first licence period.
Awarded in early 2018, PEL 87 is a joint venture permit covering 10,970 km², with an eight-year exploration term divided into three periods, plus possible extensions.
It can be converted into a production licence under pre-agreed terms. The permit is currently in its first additional exploration phase.
Located on-trend with major hydrocarbon discoveries by TotalEnergies, Shell, and Galp Energia, PEL 87 has benefited from extensive investment, particularly in 3D seismic data acquisition and processing, fully funded by Woodside Energy.
The first renewal exploration period, running from January 23, 2024, to January 22, 2026, requires the drilling of one exploration well. If no drillable prospect is identified, the alternative is acquiring either 500 km² of 3D seismic data or 1,000 line km of 2D seismic data.
The PEL 87 joint venture includes Pancontinental Orange (75%), Custos Investments (15%), and Namcor (10%). Woodside Energy holds an exclusive option for over 56% of Pancontinental’s stake.
Pancontinental carries no financial liability for any potential non-performance related to the minimum exploration expenditure commitments for this phase.
Additionally, the company holds an option for over 1% of Custos’ participating interest.
