RE:PEL 87 - PCL/Woodside Applies For Phase 1 Explo
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Posted On: 10/26/2023 9:25:44 AM
RE
EL 87 - PCL/Woodside Applies For Phase 1 Exploration Permit
This works better
https://clients2.weblink.com.au/news/pdf_1%5C02730277.pdf
Pancontinental Energy NL (ASX: PCL) (“Pancontinental" or “Company”) is pleased to advise that the
Company has, as Operator and on behalf the PEL 87 Joint Venture, and in accordance with the
Namibian Petroleum (Exploration & Production) Act (1991), submitted its application to the Namibian
Ministry of Mines and Energy (MME) to formally approve the PEL 87 permit entering into the first
additional exploration period.
The PEL 87 current (first) licence period required the Joint Venture to invest a minimum of US$5 million
in exploration-related activities. The exploration investment in PEL 87 during the first licence period
currently exceeds this amount by a significant margin. The majority of this expenditure is associated
with the acquisition and processing of an extensive 3D seismic survey (6,593 km2), fully-funded by
Woodside.
The first additional exploration period will run from 23 January 2024 to 22 January 2026, with an
associated work commitment to drill one exploration well (or, if a drillable prospect is not identified,
acquire either 500 km2 of 3D seismic data or 1,000 line kms of 2D seismic data). Pancontinental will not
bear financial liability for any future non-performance by the PEL 87 Joint Venture associated with the
minimum exploration expenditure commitments of the first additional exploration period.
Meetings, Africa Oil Week
Representatives of Pancontinental participated in the Africa Oil Week conference, held in Cape Town 9
to 13 October 2023. While in Cape Town the PEL 87 Joint Venture participants conducted in-person
Operating Committee and Technical Advisory Committee meetings with Joint Venture Partners and the
MME.
3D Seismic Update
Pancontinental has recently received an early, "fast tracked" Prestack Depth Migration (PSDM) volume
from seismic processing contractor CGG. Full interpretation including Quantitative Interpretation
techniques (e.g. Amplitude vs Offset analysis) must wait until the final PSDM and angle-stack gathers
are received.
The "fast tracked" PSDM data provides positive indications for the presence of a mature Kudu Shale oil
source formation directly beneath the Saturn Turbidite Complex. The Moosehead-1X well is the only
exploration well within PEL 87, having been drilled in 2013 by Brazilian company HRT Participaes em Petrleo. The well targeted Barremian-aged carbonate reservoirs, within a 4-way dip closure, and as can be seen in Figure 2 the well was drilled away from the main Saturn Turbidite Complex, encountering only mudstones at the Late Aptian level. Therefore the well did not encounter any turbidite-related sandstone reservoirs. Moosehead-1X was a dry hole due to the absence of porosity development within Kudu Shale Fm Saturn Turbidite Complex Top Seal Rift Section Seafloor N Moosehead1X S
PANCONTINENTAL ENERGY 3
the carbonates, although wet gas shows were encountered (increasing in wetness with depth).
Importantly for PEL 87 prospectivity, Moosehead-1X did intersect the Kudu Shale; a high quality, thick
and regionally extensive oil source rock that is believed to be the primary source for the giant oil
discoveries made by TotalEnergies and Shell on-trend to the south.
At the Moosehead-1X location, analysis of Kudu Shale samples indicated that the source formation was at an early-mature stage for generation of oil. Based on analysis of the "fast tracked" 3D PSDM seismic data, Pancontinental's interpretation indicates that the Kudu Oil Shale is likely to be at significantly greater depth within the vicinity of the Saturn Turbidite Complex. The Kudu source formation is therefore likely to be at a more mature level than at Moosehead-1X (refer Figure 2).
Neighbouring Activity
Recent activity within the Namibian Orange Basin includes the successful production test of
TotalEnergies' Venus-1X discovery well, leading TotalEnergies to indicate that development of the
estimated 3 Billion barrels (recoverable) oil field is highly likely. TotalEnergies is now preparing to
production test the successful Venus-1A appraisal well while a second rig is drilling a further exploration well at Mangetti-1X.
Meanwhile Shell has thus far drilled four out of five successful oil discovery wells, and is presently drilling a sixth well, at Jonker-1A. To the immediate south of PEL 87, Galp has secured a drilling rig to test two prospects consecutively, commencing late CY 2023.
PEL 87 Joint Venture
The participants in the PEL 87 joint venture are currently:
Pancontinental Orange Pty Ltd (Operator) 75%*
Custos Investments (Pty) Ltd 15%**
National Petroleum Corporation of Namibia (NAMCOR) 10%
*Woodside has an exclusive option over a 56% Participating Interest to be derived from Pancontinental’s
75%
** Pancontinental has an option over a 1% Participating Interest to be derived from Custos’ Participating
Interest
jmho
EL 87 - PCL/Woodside Applies For Phase 1 Exploration Permit This works better
https://clients2.weblink.com.au/news/pdf_1%5C02730277.pdf
Pancontinental Energy NL (ASX: PCL) (“Pancontinental" or “Company”) is pleased to advise that the
Company has, as Operator and on behalf the PEL 87 Joint Venture, and in accordance with the
Namibian Petroleum (Exploration & Production) Act (1991), submitted its application to the Namibian
Ministry of Mines and Energy (MME) to formally approve the PEL 87 permit entering into the first
additional exploration period.
The PEL 87 current (first) licence period required the Joint Venture to invest a minimum of US$5 million
in exploration-related activities. The exploration investment in PEL 87 during the first licence period
currently exceeds this amount by a significant margin. The majority of this expenditure is associated
with the acquisition and processing of an extensive 3D seismic survey (6,593 km2), fully-funded by
Woodside.
The first additional exploration period will run from 23 January 2024 to 22 January 2026, with an
associated work commitment to drill one exploration well (or, if a drillable prospect is not identified,
acquire either 500 km2 of 3D seismic data or 1,000 line kms of 2D seismic data). Pancontinental will not
bear financial liability for any future non-performance by the PEL 87 Joint Venture associated with the
minimum exploration expenditure commitments of the first additional exploration period.
Meetings, Africa Oil Week
Representatives of Pancontinental participated in the Africa Oil Week conference, held in Cape Town 9
to 13 October 2023. While in Cape Town the PEL 87 Joint Venture participants conducted in-person
Operating Committee and Technical Advisory Committee meetings with Joint Venture Partners and the
MME.
3D Seismic Update
Pancontinental has recently received an early, "fast tracked" Prestack Depth Migration (PSDM) volume
from seismic processing contractor CGG. Full interpretation including Quantitative Interpretation
techniques (e.g. Amplitude vs Offset analysis) must wait until the final PSDM and angle-stack gathers
are received.
The "fast tracked" PSDM data provides positive indications for the presence of a mature Kudu Shale oil
source formation directly beneath the Saturn Turbidite Complex. The Moosehead-1X well is the only
exploration well within PEL 87, having been drilled in 2013 by Brazilian company HRT Participaes em Petrleo. The well targeted Barremian-aged carbonate reservoirs, within a 4-way dip closure, and as can be seen in Figure 2 the well was drilled away from the main Saturn Turbidite Complex, encountering only mudstones at the Late Aptian level. Therefore the well did not encounter any turbidite-related sandstone reservoirs. Moosehead-1X was a dry hole due to the absence of porosity development within Kudu Shale Fm Saturn Turbidite Complex Top Seal Rift Section Seafloor N Moosehead1X S
PANCONTINENTAL ENERGY 3
the carbonates, although wet gas shows were encountered (increasing in wetness with depth).
Importantly for PEL 87 prospectivity, Moosehead-1X did intersect the Kudu Shale; a high quality, thick
and regionally extensive oil source rock that is believed to be the primary source for the giant oil
discoveries made by TotalEnergies and Shell on-trend to the south.
At the Moosehead-1X location, analysis of Kudu Shale samples indicated that the source formation was at an early-mature stage for generation of oil. Based on analysis of the "fast tracked" 3D PSDM seismic data, Pancontinental's interpretation indicates that the Kudu Oil Shale is likely to be at significantly greater depth within the vicinity of the Saturn Turbidite Complex. The Kudu source formation is therefore likely to be at a more mature level than at Moosehead-1X (refer Figure 2).
Neighbouring Activity
Recent activity within the Namibian Orange Basin includes the successful production test of
TotalEnergies' Venus-1X discovery well, leading TotalEnergies to indicate that development of the
estimated 3 Billion barrels (recoverable) oil field is highly likely. TotalEnergies is now preparing to
production test the successful Venus-1A appraisal well while a second rig is drilling a further exploration well at Mangetti-1X.
Meanwhile Shell has thus far drilled four out of five successful oil discovery wells, and is presently drilling a sixth well, at Jonker-1A. To the immediate south of PEL 87, Galp has secured a drilling rig to test two prospects consecutively, commencing late CY 2023.
PEL 87 Joint Venture
The participants in the PEL 87 joint venture are currently:
Pancontinental Orange Pty Ltd (Operator) 75%*
Custos Investments (Pty) Ltd 15%**
National Petroleum Corporation of Namibia (NAMCOR) 10%
*Woodside has an exclusive option over a 56% Participating Interest to be derived from Pancontinental’s
75%
** Pancontinental has an option over a 1% Participating Interest to be derived from Custos’ Participating
Interest
jmho
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