Pancontinental says there is a chance that the Saturn Complex on PEL 87 in the Orange Basin could host more than 5 billion barrels of recoverable oil across six prospective features, with geological chances of success for the Oryx, Hyrax, and Northern Channel prospects ranging from 21.2% to 26.2%.
The company says Oryx and Hyrax share common play elements within the broader Saturn Complex, meaning a successful exploration well at either prospect could significantly derisk the remaining prospect inventory across the licence.
Pancontinental indicates that the scale of the Saturn Complex provides material upside, with early drilling success potentially unlocking value across multiple structures rather than a single standalone target.
The company has positioned the three anchor prospects as the focus of ongoing technical work and commercial engagement as it seeks to advance the project toward drilling.
Pancontinental has invited parties to access the virtual data room, and they are continuing to advance their technical evaluations of the farming opportunity.
Engagement with these groups is ongoing, with the company providing supplementary technical and commercial information as it becomes available.
Pancontinental says Namibian consultancy Risk Based Solutions CC continues to support the preparation of the Environmental Impact Assessment for future exploration and appraisal drilling within PEL 87.
The company’s technical team met with the consultancy in Windhoek in early December 2025 to review timelines, with work said to be on track to support drilling before the end of 2026.
Pancontinental’s wholly owned subsidiary, Pancontinental Orange Pty Ltd, acting on behalf of the PEL 87 joint venture participants, submitted an application to the Ministry of Industry, Mines and Energy in October 2025 for a 12-month extension.
Pancontinental says it has not yet received formal notification from the ministry, nor any request for additional information, despite the renewal period ending on 22 January 2026.
Pancontinental says neither the Petroleum Act nor the PEL 87 Petroleum Agreement explicitly addresses this specific circumstance.
However, it notes that under the Petroleum Act, an exploration licence does not expire while an application remains under consideration by the ministry.
The company says it continues to liaise with regulators and will provide a further announcement once it receives formal notification.
Pancontinental held meetings with PEL 87 joint venture partners and officials from the Ministry of Industry, Mines and Energy in early December 2025 as part of regular Technical Advisory Committee meetings, held approximately every six months to review project progress, plans, and contractual requirements.
At 31 December 2025, Pancontinental reported cash and cash equivalents of US$3.2 million as it advances discussions to secure partners to support the next phase of exploration.
Pancontinental Orange Pty Ltd remains the operator of PEL 87, with a 75% interest, alongside Custos Investments (15%) and the National Petroleum Corporation of Namibia (10%).
