Pancontinental Awarded Second Large Block in Namibian Exploration area
Pancontinental Oil & Gas NL (“Pancontinental”) announced that it has signed a Petroleum Agreement (“PA”) over a large exploration area of 10,947 km² in the Orange Basin offshore Namibia. A new Petroleum Exploration Licence (PEL) will be issued over the area.
Pancontinental has signed a Petroleum Agreement with the Ministry of Mines and Energy of Namibia (Ministry) and Namibian partners for Block 2713 offshore Namibia.
Pancontinental is the project Operator, with a 75% interest. Block 2713 is a large, 10,947 km² area on trend where industry giants Shell, GALP (Portugal) and Total (in 2017) have acquired interests. It is Pancontinental’s second Block award offshore Namibia.
The Company has already mapped a number of leads with very large oil volume potential.
The Block has an initial period of 4 years, and an innovative exploration
program is planned.
The Petroleum Agreement is subject to standard fiscal terms in Namibia that are considered excellent by world standards.
In PEL 37, the Company’s first Namibian project that is operated by Tullow Oil, the joint venture has recently approved drilling of the Cormorant Prospect in 2018. Pancontinental will have an effective free carried 20% interest through the well.
Source / More: Pancontinental
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