Pancontinental Energy NL ( (AU:PCL) ) has issued an announcement.
Pancontinental Energy NL announced that Woodside Energy has decided not to exercise its option to farm into the PEL 87 project offshore Namibia. Despite this, Pancontinental is actively seeking an alternative partner to fund exploration drilling, leveraging its low cash burn and existing third-party interest. The company remains optimistic about the project’s potential, supported by high-quality seismic data and its proximity to major discoveries in the region. The PEL 87 project, covering 10,970 km2, is strategically positioned near significant hydrocarbon finds by major companies like Galp Energia, TotalEnergies, and Shell.
More about Pancontinental Energy NL
Pancontinental Energy NL operates in the oil and gas industry, focusing on exploration and development of hydrocarbon resources. Its primary market focus is offshore Namibia, where it holds a significant stake in the PEL 87 project, located in the Orange Basin.
Average Trading Volume: 426,363
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $87.6M
For an in-depth examination of PCL stock, go to TipRanks’ Stock Analysis page.