Pancontinental Orange is seeking a partner to finance exploration in PEL 87 offshore Namibia after Woodside withdrew its interest. The company has identified various promising prospects, including Oryx and Hyrax, supported by a comprehensive seismic dataset and favorable geological conditions that align with recent significant discoveries in the area.
Pancontinental Orange, a subsidiary of Pancontinental Energy, is actively seeking a new partner to finance exploration drilling in petroleum exploration license (PEL) 87, situated off the coast of Namibia in the Orange Basin. This initiative follows a decision by Australia’s Woodside not to pursue its interest in the license. By advancing its exploration efforts, Pancontinental has identified six additional leads within PEL 87, with the Oryx and Hyrax features now classified as viable prospects.
The Oryx prospect, notable for its age and characteristics, showcases a significant Type II AVO amplitude anomaly and comprises the largest connected sand body within the area. Covering up to 144 square kilometers, it forms part of a larger prospect area exceeding 500 kilometers. Pancontinental’s CEO, Iain Smith, expressed confidence in the project’s considerable potential, comparing its prospective resources favorably to major discoveries in the surrounding region.
Pancontinental’s analysis indicates that the turbidite sands may be influenced by blue water currents that have winnowed the finer sediments, potentially leading to a fundamental reservoir system. Situated above a structural high, this area also contains additional AVO anomalies linked to the Calypso and Addax leads.
The Hyrax prospect, in the southern zone of the Saturn complex, demonstrates Type II AVO amplitude anomalies across a 400-square-kilometer expanse. Its turbiditic sands are believed to be shaped by strong blue water currents, exhibiting unique geological formations. Pancontinental Director Barry Rushworth highlighted the attractiveness of the Saturn complex due to its expansive targets and the ongoing discoveries in similar geological settings.
Comprising part of the PEL 87 license, the Oryx North and Calypso anomalies are positioned within the Saturn complex’s middle sequences, while evidence suggests that structural dynamics have influenced sand distribution in both the Oryx and Hyrax areas. Additionally, the Xerux prospect and Addax leads present further exploration opportunities, exhibiting significant AVO anomalies linked to deep-water turbidite systems that represent substantial hydrocarbon potential.
Covering an extensive area of 10,970 square kilometers, PEL 87 is situated within a promising geological context that has yielded substantial hydrocarbon discoveries by various major oil companies such as Galp Energia and TotalEnergies. Currently in its first renewal phase, the license requires a commitment to either drill an exploration well or gather seismic data.
Despite Woodside’s withdrawal from the project, Pancontinental remains optimistic about securing an alternative partner. The potential inventory of leads generated through extensive seismic analysis funded by Woodside enhances the prospects for subsequent exploratory endeavors. Sintana’s CEO, Robert Bose, emphasized the importance of this data in facilitating expedited discussions for potential farming-in opportunities.
Iain Smith reiterated the team’s readiness for these developments and their intent to engage with prospective partners, given the PEL 87’s favorable positioning within the context of promising geological activity in the nearby Mopane discovery region.
In conclusion, Pancontinental Orange is actively seeking a new financial partner to further its exploration efforts in PEL 87 offshore Namibia after Woodside’s withdrawal. The company’s analysis identifies significant prospects such as Oryx and Hyrax, backed by a substantial 3D seismic dataset. Amidst ongoing discussions with potential farm-in partners, Pancontinental is poised to navigate this transition efficiently, capitalizing on the promising geological landscape of the Orange Basin.
Original Source: www.offshore-energy.biz
