- A second well has spudded on trend to Pancontinental Energy’s (PCL) Saturn oil play in offshore Namibia
- Energy giant Shell has begun drilling its Graff-1 oil exploration well in the Orange Basin, which follows TotalEnergies drilling its ultra-deep Venus-1 well last week
- Pancontinental’s Technical Director Barry Rushworth says this is an exciting time as the Saturn complex is geologically similar, particularly to the Venus prospect
- PCL is reportedly the only listed, junior energy company positioned alongside the major industry players in this oil play
- Shares are trading 33.3 per cent in the greem, up to 0.2 cents
A second well has spudded on-trend to Pancontinental Energy’s (PCL) Saturn oil play in offshore Namibia.
Energy giant Shell has begun drilling its Graff-1 oil exploration well in the Orange Basin following French energy business, TotalEnergies, which began drilling its ultra-deep Venus-1 well last week.
Pancontinental holds a 75 per cent interest in the PEL 87 joint venture and is the operator of the 10,970-square-kilometre area.
Custos Investments holds 15 per cent and National Petroleum Corporation of Namibia has the remaining 10 per cent.
According to the company, the Graff-1 and Venus-1 wells are recognised worldwide as two of the most important oil exploration wells of the year.
As such, Technical Director, Barry Rushworth said this is an exciting time for Pancontinental, with the huge oil potential of the Saturn turbidite complex in PEL 87 being drilled on-trend by the two companies.
“Pancontinental’s Saturn turbidite complex is geologically similar in many ways, particularly to the Venus Prospect,” he said.
“These turbidite plays are like very large oil fields elsewhere in Africa, triggering significant interest in offshore Namibia from major oil companies and Africa specialists. In this prime region, drilling success could open up a complete new African oil play.”
Further, PCL is reportedly the only listed junior energy company strategically positioned alongside the major industry players in this oil play.
Company shares are trading up 33.3 per cent to 0.2 cents at 11:31 am AEDT.