Pancontinental Energy says the interpretation and analysis of the pre-stack depth migration seismic dataset on PEL 87 in the Walvis Basin is nearing completion.
The Australian company operates PEL 87 with a 75% interest, while Custos Investments (Pty) Ltd has 15% and Namcor the other 10%.
The venture has had the licence since early 2018 for up to three terms over eight years (plus possible extensions) and may be converted to a production licence under pre-agreed terms.
The permit is currently in the first renewal exploration period.
Woodside Energy acquired 56% interest in Pancontinental’s 75% after funding a US$35 million-plus 3D seismic survey across PEL 87.
The survey started in March 2023 and was completed in May 2023.
Pancontinental says the post-integration of the multidisciplinary studies results, including Amplitude vs. Offset (AVO), will quantify potential reservoir characteristics.
Additionally, it will fine-tune the geophysical/geological interpretation of the identified exploration leads.
Woodside Energy will exercise its option to PEL 87 farm 180 days after Pancontinental delivers a seismic licence.
The seismic licence will provide Woodside with ongoing rights to the PEL 87 3D seismic data it acquired.
Pancontinental says it has prioritised finalising the required documentation with the Namibian authorities and is preparing for meetings with the PEL 87 joint venture partners and the mines ministry in mid-November 2024.
The Walvis Bay Basin is becoming an attraction, with Chevron preparing to start drilling its first exploration well in PEL 90, immediately south of PEL 87.
Azule Energy (a bp-Eni joint venture) will also drill two exploration wells within PEL 85 before the end of the year.
