Orange Basin PEL 87

Project Overview

Location: Petroleum Exploration License (PEL) 87, Orange Basin, Offshore Namibia

Permit Size: 10,970 km2

Permit Status:

PEL 87 was awarded to a joint venture led by Pancontinental in early 2018 for up to 3 terms over 8 years (plus possible extensions) and may be converted to a Production Licence under pre-agreed terms. The permit is currently in the first renewal exploration period.

Joint Venture Partners:

The participants in the PEL 87 Joint Venture are as follows:

Pancontinental Orange Pty Ltd (Operator)

75.00%

Custos Investments (Pty) Ltd

15.00%

National Petroleum Corporation of Namibia (NAMCOR)

10.00%

  1. Woodside has an exclusive option over a 56% Participating Interest to be derived from Pancontinental’s 75%.
  2. Pancontinental has an option over a 1% Participating Interest to be derived from Custos’ Participating Interest.

Prospectivity:

The deepwater Namibian Orange Basin is a global exploration hotspot for oil and associated natural gas, as a result of recent major discoveries by TotalEnergies, Shell and Galp Energia. PEL 87 sits on trend to these discoveries, and is regarded by Pancontinental as being highly prospective for hydrocarbons. High quality and mature source rocks are likely to be present within the permit, as are large turbidite-related reservoir systems. 



Water depth cross the permit is between 500m and 3,200m, with prospective features most likely to be located within depths of 1,500m to 2,500m. New 3D seismic data has identified a variety of potential hydrocarbon play types, some of which exhibit apparent Amplitude vs Anomaly (AVO) effects. Technical studies are in progress, aimed at maturing these play types through to a lead/prospect inventory.

Woodside Partnership

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