Pancontinental Energy Advances PEL 87 with Strong Resource Potential and New Farmout Plans

Pancontinental Energy NL (ASX: PCL) is advancing its PEL 87 project in the Orange Basin offshore Namibia, covering 10,970 km². The company recently announced updated prospective resource estimates, identifying eight targets within the Saturn Complex, including Oryx and Hyrax prospects. These targets exhibit Class II AVO anomalies, suggesting favourable hydrocarbon potential, with a high-case estimate of 3.8 billion barrels of recoverable oil and 12.7 billion barrels of oil-in-place (net to PCL). Despite Woodside Energy opting not to farmin, Pancontinental remains confident in the project's potential, bolstered by high-quality 3D seismic data and proximity to major discoveries like Mopane and Venus. The company is actively pursuing a new farmin partner to fund exploration drilling and remains financially stable with a low cash burn and AU$3.6 million in reserves. PEL 87 is currently in its first renewal exploration period, which includes a commitment to drill or acquire additional seismic data by January 2026.

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