Projects in Namibia
Pancontinental has been present in Namibia for the last ten years and during that time has built a solid foundation by working with the Government as well as local joint venture partners to further the exploration of Namibia’s offshore areas.
Namibia has an encouraging oil and gas regime and it is economically and politically stable. This has assisted the Company to conduct successful business activities there over the past decade.
Namibia is under-explored with only seven onshore and fourteen offshore wells drilled over a coast line of some 1,300 km.
Offshore Namibia is part of the plate tectonic “conjugate” of offshore Brazil, where world-scale oil and gas discoveries have been made in recent years and it lies on the West African continental margin adjacent to Angola, where there have also been many major oil discoveries.
Offshore Namibia is an extension of the West African continental margin and in Pancontinental’s opinion offshore Namibia has the potential to hold very large oil and gas reserves and it is significantly under-explored.
On 20 May 2013 HRT Participações em Petróleo S.A. (“HRT”) announced that the Wingat-1 well adjacent to EL 0037 proved well-developed mature marine source rocks and a recovery of 1.8 litres of light oil from poorly-developed reservoir rocks. For the first time, the reported oil recovery and source rocks verified a working oil system in the Walvis Basin.
Pancontinental’s EL 0037 licence area and HRT’s PEL 23 area are contiguous over the “Inner Graben” that is interpreted by Pancontinental to be a main regional oil generating zone and one of the most critical factors to finding commercial oil offshore Namibia.
The Wingat-1 is located in Petroleum Exploration Licence 23 (“PEL-23”), in the Walvis Basin, immediately south of Pancontinental’s EL 0037 area.
On 20 May 2013, HRT announced –
- The Wingat-1 well, spudded on March 25, was drilled in a water depth of approximately 1,005 meters and reached a final depth of 5,000 meters;
- Oil was found, although not in commercial volumes; 4 samples of oil of 450cc each were recovered
- The recovered oil is Light Oil (38o to 42o API), with minimal contamination;
- Two well-developed source rocks, rich in organic carbon, have been penetrated and both are within the oil-generating window;
- Several thin-bedded sandy reservoirs that are saturated by oil were encountered and no water saturated zones were encountered in the drilled section; and
- The well commenced encountering increasing concentrations of hydrocarbon shows below 1,500m.
Two other wells, Murombe-1 and Moosehaed-1, were later completed by HRT. Both wells were reported to have hydrocarbon shows and to have verified mature marine source rocks, however they are not classified as discoveries.