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Tuesday, June 19, 2018
Pancontinental Oil & Gas mapped extensive high-potential and oil-prone turbidite fan “fairways” in its PEL 87 Block, offshore Namibia. PEL 87 covers 10,947 sq km and is highly prospective for oil. According to the company individual traps may cover 100s of sq km, with geology and oil volume potential similar to large on-trend oil fields offshore West Africa.
Pancontinental has commenced an extensive mapping program using existing 2D seismic data. This work will mature existing leads into individual prospects. From work to date, prospects are expected to be very large and oil prone. New 3D and 2D seismic is then planned over the major leads and prospects and the best targets will be identified for drilling in due course.
The company’s 75% equity provides flexibility for farmout activity such as 3D seismic and drilling, while still retaining a material interest. The company said that industry interest is gaining momentum in the high-potential oil play developing offshore Namibia.
Commenting on exploration progress in PEL 87, Pancontinental CEO John Begg said: “I am very pleased to report that early mapping in our new PEL 87 project shows a variety of exciting, large exploration fairways each with the clear potential for multiple traps holding very large volumes of oil. One anticlinal structure may have closure greater than 600 km². Individual Cretaceous submarine fan bodies may be more than 20 km across, similar to large turbidite oil discoveries further along the West African Margin. Importantly, the fairways in PEL 87 are very closely associated with mature oil source rocks. The recent entry of ExxonMobil, Total and others attests that Offshore Namibia has the rare untapped potential for large, commercial oil discoveries in moderate water depths and in a very encouraging country environment. Pancontinental is an early mover, rewarded with material positions in two prime blocks, the latest being an Operating 75% position in PEL 87, and cost exposure well within our capabilities. The new License complements our existing strong position in PEL 37 to the north where we will be participating, fully funded, in the exciting Cormorant-1 well in September.”
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