Staff Writer
WALVIS BAY, April 18 — Australian exploration company Pancontinental Energy (PCL) has made progress on its offshore survey in Namibia, gathering over 50% of the data from a major 6872-square-kilometre seismic survey. PCL is conducting the survey using Petroleum Geoservices’ Ramford Titan survey vessel for “extremely high-efficiency data acquisition”. The survey also includes extensive magnetic and gravity data that can be used to better define the basin architecture.
The survey is being carried out across PCL’s PEL 87 exploration licence, which is home to the Saturn Turbidite Complex. The company expects to complete the survey by early June 2023, with early fast-track results to be available before the end of August. PCL Director Barry Rushworth said the company believed the results would confirm that the Saturn Turbidite Complex was one of the largest prospective deep-water turbidite complexes in Africa.
PEL 87 was awarded to a joint venture led by PCL in early 2018 for up to three terms over eight years and can be converted to a Production Licence under pre-agreed terms. Shares in PCL rose by 10% and were trading at 1.1 cents at 11:00 am AEST.
Rushworth added that “the prospectivity of the basin has been reaffirmed by TotalEnergies’ and Shell’s ongoing oil discoveries. We are situated on-trend and at the same geological level as these discoveries, with Saturn likely to host multiple internal and independent traps and stacked reservoir opportunities. We believe Saturn to be one of the largest prospective deep-water turbidite complexes around the African continent.”
PCL’s survey will help to confirm its belief in Saturn’s significant oil potential. Rushworth said, “We are well advanced with the high-impact 3D survey over our Saturn Turbidite Complex and anticipate that the resulting data will confirm our belief of its significant oil potential.” – Namibia Daily News
