Crew working an offshore drill rig. Source: TotalEnergies.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Shell has discovered oil “on trend” from Pancontinental Energy’s (PCL) PEL 87 licence area off the coast of Namibia
  • Recent reports from the National Petroleum Corporation of Namibia (NAMCOR) and Qatar Energy confirmed the discovery in the exploration well operated by Shell Namibia
  • This is the first oil discovery ever declared offshore Namibia
  • The company estimates a minimum economic field size would be 200 million barrels recoverable oil at the Graff location
  • Shares have surged 25 per cent higher this morning at 0.5 cents each

Pancontinental Energy (PCL) has reported that the National Petroleum Corporation of Namibia (NAMCOR) and Qatar Energy have verified prior news claims of a light oil discovery made Shell Namibia in the Graff-1 exploration well in Namibia’s Orange Basin.

This is the first oil discovery ever declared offshore Namibia.

The company estimates a minimum economic field size would be 200 million barrels recoverable oil at the Graff location.

The Graff-1 well has been drilled to about 2,000 metres water depth, with a total drilling depth of 5,376 metres below the sea surface.

The company said Graff-1 is in the Orange Basin, on trend to its PEL 87 licence area.

Pancontinental’s PEL 87 licence covers about 10,970 square kilometres with water depths from 400 metres to 3,000 metres.

Technical Director Barry Rushworth said the discovery by Shell is important to Pancontinental’s efforts offshore Namibia.

“The highly significant Graff-1 oil discovery is hugely important to Pancontinental’s efforts offshore Namibia, and to oil exploration offshore Namibia in general,” he said.

“It opens a new chapter in international oil exploration and development. Pancontinental’s
very large Saturn turbidite complex in PEL 87 is on-trend to the Graff discovery.

“Shell’s and its partners’ success in finding light oil in Graff-1 is a major step forward
and we continue to await the outcome of Total’s Venus-1, which is also currently drilling.”

Shares have surged 25 per cent higher this morning at 0.5 cents each at 11.00 am AEDT.

PCL by the numbers
More From The Market Herald
The Market Herald Video

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Orion Minerals (ASX:ORN) raises $1.35m in SPP

Orion Minerals (ASX:ORN) has raised $1.35 million in its share purchase plan (SPP) to advance its…

" Future Metals (ASX:FME) to raise $5.5m for Panton

Future Metals (ASX:FME) has received firm commitments for a heavily oversubscribed $5 million placement.

" Firebird Metals (ASX:FRB) raises $3.5m to accelerate Oakover development

Firebird Metals (ASX:FRB) has received firm commitments to raise $3.5 million via a placement from sophisticated…