Pancontinental Energy NL has mapped an estimated 6.1 billion barrels of oil (High Case, net to the company) across its PEL 87 licence in Namibia’s Orange Basin, following the identification of two new prospects — Phoebe West and Northern Channel.
Phoebe West is interpreted as part of a lower Albian basin floor turbidite system overlying the Kudu source rock.
The structure shows strong Type III/II AVO anomalies and is regarded as the largest connected sand body mapped outside the Saturn Complex. Pancontinental estimates recoverable resources of 400 million barrels in the Best Case and 779 million barrels in the High Case, net to its 75% interest.
The Northern Channel, situated at the northern limit of the 3D seismic survey area, comprises three stacked turbidite reservoirs with coarse sands, and a broad structural high that is favourable for hydrocarbon migration from the Kudu kitchen. Estimated recoverable resources range between 602 million and 1.34 billion barrels.
Pancontinental has applied to the Ministry of Industry, Mines and Energy for a 12-month extension of its First Renewal Exploration Period to January 2027 and continues farm-out talks with shortlisted international partners.
The company is also working with Risk-Based Solutions CC to complete an Environmental Impact Assessment in preparation for future drilling.
Pancontinental holds a 75% operating interest in PEL 87 alongside Custos Investments (15%) and Namcor (10%). It closed the September quarter with A$3.7 million in cash and remains active as momentum builds across the Orange Basin.
