Pancontinental Energy says invited candidates in the farmout process for its offshore Namibian Petroleum Exploration Licence 87 (PEL 87) have now accessed the virtual data room, with several groups advancing technical and commercial evaluations as they move toward possible investment decisions.
The ASX-listed company said it remains in regular engagement with interested parties and is providing supplemental technical and commercial information on request as competition for acreage in Namibia’s Orange Basin intensifies.
The update comes as Pancontinental reported a significant increase in upstream activity across the Namibian Orange Basin, where major discoveries by Shell, TotalEnergies and Galp have transformed the basin into one of the world’s hottest frontier oil provinces.
Pancontinental also confirmed that Namibia’s Ministry of Industries, Mines and Energy approved a 12-month extension of the First Renewal Exploration Period for PEL 87 to 22 January 2027, giving the company more time to progress farmout talks and prepare for drilling.
The company said it has since submitted a draft Deed of Amendment to the PEL 87 Petroleum Agreement for ministry consideration.
As part of the extension approval, Pancontinental must complete an Environmental Impact Assessment, reprocess and reinterpret 3D seismic data, and drill an exploration well.
The company said the Environmental Impact Assessment is well advanced and would take about 3 months to complete once final well-specific details, such as drilling location and target depth, are confirmed.
Pancontinental added that the seismic work will begin with a feasibility study to determine whether imaging can be improved around the deep Saturn Complex targets, including reducing noise in existing datasets.
The company has identified Oryx, Hyrax and Northern Channel as the three anchor prospects within PEL 87, saying they hold very significant prospective resources and meaningful geological chances of success.
It said Oryx and Hyrax share common play elements, meaning a successful well on either structure could materially de-risk the wider Saturn Complex inventory and unlock additional drilling targets across the block.
PEL 87 lies in the Orange Basin offshore Namibia, where neighbouring exploration success has triggered a rush by global oil companies to secure positions ahead of potential multi-billion-dollar developments.
Pancontinental ended the March 2026 quarter with A$2.7 million in cash, leaving it funded while pursuing a strategic partner to help finance the next phase of exploration.
