Pancontinental Extends Namibian PEL 87 Work Program as Orange Basin Drilling Accelerates

Pancontinental Energy NL ( (AU:PCL) ) just unveiled an announcement.

Pancontinental Energy has secured a 12‑month extension to the first renewal exploration period for its Namibian PEL 87 licence to January 2027, allowing it to complete an Environmental Impact Assessment, reprocess 3D seismic data, and drill an exploration well targeting key Saturn Complex prospects including Oryx, Hyrax, and Northern Channel. The company reports that its environmental work is well advanced, its seismic reprocessing feasibility study is being prepared, and it remains well funded with a $2.7 million quarter‑end cash balance.

Pancontinental continues to run a farmout process for PEL 87, with invited parties actively reviewing data and progressing technical and commercial assessments of a potential farmin, while activity in the Namibian Orange Basin intensifies with new drilling and testing by Shell, GalpEnergies, TotalEnergies, Chevron, and Rhino Resources/Azule Energy, underscoring the basin’s emerging status as a major offshore hydrocarbon province that could enhance the strategic value of PEL 87 for investors and partners.

More about Pancontinental Energy NL

Pancontinental Energy NL is an Australia-listed oil and gas exploration company focused on offshore assets, particularly in Namibia’s Orange Basin. Through its wholly owned subsidiary Pancontinental Orange Pty Ltd, the company targets large-scale, high-impact petroleum prospects such as those contained within Petroleum Exploration Licence 87, aiming to attract farm-in partners to advance exploration and potential development.

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Current Market Cap: A$116M

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