Join our daily newsletter At The Bell to receive exclusive market insights
- Pancontinental Energy (PCL) has gathered more than 50 per cent of the data from a major 6872-square-kilometre seismic survey in offshore Namibia
- The company is conducting the survey using Petroleum Geoservices’ Ramford Titan survey vessel for “extremely high-efficiency data acquisition”
- PCL says it 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 says the company believes the results will confirm that its Saturn Turbidite Complex is one of the largest prospective deep-water turbidite complexes in Africa
- Shares in PCL are up 10 per cent and trading at 1.1 cents at 11:00 am AEST
Pancontinental Energy (PCL) has gathered more than 50 per cent of the data from a major 6872-square-kilometre seismic survey in offshore Namibia.
The company is conducting the survey using Petroleum Geoservices’ Ramford Titan survey vessel for “extremely high-efficiency data acquisition”.
The Ramform Titan vessel is also gathering extensive magnetic and gravity data that can be used to better define the basin architecture.
PCL said it expected to complete the survey by early June 2023, with early fast-track results to be available before the end of August.
The work is being completed across PCL’s PEL 87 exploration licence, which is home to the Saturn Turbidite Complex.
PCL Director Barry Rushworth said the company believed the results would confirm that its Saturn Turbidite Complex was one of the largest prospective deep-water turbidite complexes in Africa.
“The prospectivity of the basin has been reaffirmed by TotalEnergies’ and Shell’s ongoing oil discoveries,” Mr Rushworth said.
“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 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.
“We believe Saturn to be one of the largest prospective deep-water turbidite
complexes around the African continent.”
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 were up 10 per cent and trading at 1.1 cents at 11:00 am AEST.
