Pancontinental’s licence for PEL 87 offshore Namibia reaches the end of its First Renewal Exploration Period on 22 January 2026, while an application submitted on 6 October 2025 for a 12-month extension has not yet been formally acknowledged by Namibia’s Ministry of Industry, Mines and Energy.
The company said its wholly owned subsidiary, Pancontinental Orange Pty Ltd, acting on behalf of the PEL 87 joint venture participants, lodged the extension application with the ministry in October last year.
To date, Pancontinental has received no formal notification of the application’s outcome, nor any request for additional information.
Neither Namibia’s Petroleum Act nor the PEL 87 Petroleum Agreement explicitly addresses circumstances where a renewal application remains under consideration beyond the scheduled end of an exploration period. Pancontinental noted, however, that under the Petroleum Act, an exploration licence does not expire while the ministry considers a renewal application.
PEL 87 lies in Namibia’s offshore Orange Basin, a region that has become a focal point for exploration interest following a series of significant oil discoveries by major international operators.
Pancontinental has been advancing technical evaluations and engagements with potential partners as part of its strategy to position the block for future exploration.
The company said it remains in ongoing discussions with the ministry regarding the application and will provide a further market update once formal notification is received.
PEL 87 is operated by Pancontinental Orange Pty Ltd, a wholly owned subsidiary of Pancontinental Energy NL, which holds a 75% working interest in the licence.
Custos Investments (Pty) Ltd holds a 15% interest, while the National Petroleum Corporation of Namibia (Namcor) holds the remaining 10%.
The 10,970 km² licence was awarded in 2018 and entered its First Renewal Exploration Period on 23 January 2024, running through 22 January 2026.
Work on the block has included seismic acquisition and subsurface interpretation to mature drill-ready prospects.
The licence sits on trend with significant discoveries in the Orange Basin, and the joint venture has been positioning PEL 87 for farm-in and future drilling as offshore activity in Namibia accelerates.
