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Pancontinental Energy NL ( (AU:PCL) ) has shared an update.
Pancontinental Energy NL has announced an update on its PEL 87 project, revealing significant prospective resources in the Orange Basin, offshore Namibia. The company has identified six new leads in addition to the previously reported Oryx and Hyrax targets, with a total high case prospective resource estimated at 3.8 billion barrels of oil. The announcement highlights the project’s potential, positioning Pancontinental favorably in the Namibian oil exploration sector. The company is actively seeking a farm-in partner to fund exploration drilling, which could enhance its strategic positioning and offer substantial benefits to stakeholders.
More about Pancontinental Energy NL
Pancontinental Energy NL operates in the oil and gas industry, focusing on exploration and development projects. The company’s primary market is offshore Namibia, where it is engaged in the PEL 87 project within the Orange Basin.
Average Trading Volume: 426,363
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $87.6M
See more insights into PCL stock on TipRanks’ Stock Analysis page.