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Pancontinental Energy (ASX: PCL) released an update today regarding their PEL 87 project in the Orange Basin, offshore Namibia. The company has revised its estimates of prospective resources and geological risk for the project, incorporating results from a Quantitative Interpretation (QI) study.
The key outcome of this revision is a significant increase in the prospective resources for the Oryx prospect. The Best Case (2U) prospective resources for Oryx have been increased to 815 MMbbls (million barrels) net to PCL, with the High Case (3U) reaching 1,873 MMbbls (net to PCL). This indicates a substantial uplift in the estimated quantities of potentially recoverable petroleum.
The Geological Chance of Success (GCoS) for the Oryx prospect has improved to 26.2% from a previous estimate of 22.5%. This increased GCoS is based on seismic synthetic modeling that provides positive indications for a hydrocarbon fluid effect.
Pancontinental’s Chief Executive Officer, Iain Smith, commented: “The Pancontinental technical team continues to deliver, such that we are now able to pinpoint a single well location at the Oryx prospect that offers oil potential at three discrete intervals for a combined 2.5 billion barrels of High Case prospective resource, with a Geological Chance of Success upgraded to 26.2%.”.
This includes features previously identified as the Calypso and Addax Channel leads, which can now be tested by a single exploration well.
The company highlights that the Best Case (2U) prospective resource estimates, particularly for Oryx and Hyrax, have benefited most from the revised inputs. While the Low Case (1U) and High Case (3U) for each prospect/lead are affected to a lesser degree, the GCoS for most of the prospect/lead inventory has increased.
Additionally, ongoing QI screening has identified an additional prospective feature, the Phoebe West lead, external to the Saturn Complex. Interpretation of this feature is ongoing, with further details anticipated.
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