Pancontinental Energy (ASX: PCL) has announced further findings supporting the prospectivity of its PEL 87 project, situated in the Orange Basin offshore Namibia. Pancontinental Energy is an Australian oil and gas exploration company focused on identifying and developing high-value energy resources. The company’s primary focus is on exploring for oil and gas in prospective regions.
A newly completed basin modelling study indicates that the Kudu shale formation, recognised as the primary source rock for major light oil discoveries south of PEL 87, is located within the permit area. The study analysed the formation and structural evolution of the Orange Basin near PEL 87, reconstructing its geological and thermal history to identify areas of hydrocarbon generation, migration, and accumulation.
The assessment incorporated PEL 87’s 3D seismic volume and regional 2D seismic data, providing extensive coverage of the PEL 87 area. An expert in quantitative interpretation analysed amplitude variation with offset (AVO) anomalies in the 3D seismic data and examined rock physics from available regional well data to generate seismic AVO inversion data. Analysis of the 3D seismic revealed consistent Class II AVO responses in both upper and lower sequences within the Saturn Complex target intervals. Synthetic modelling suggests potential hydrocarbon effects evident in the seismic data.
Pancontinental estimates that the mature area directly beneath the Saturn Complex has generated approximately 20 billion barrels of oil, sufficient to charge the Saturn prospect/lead inventory. The company also believes a gas kitchen northeast of the Saturn Complex could contribute gas to the petroleum system. According to chief executive officer Iain Smith, these studies confirm that the Saturn Complex is well-positioned to receive oil charge into reservoir systems, exhibiting high net-to-gross sandstone units and indications of hydrocarbons. Pancontinental is currently seeking farm-in partners after Woodside Energy (ASX: WDS) withdrew from the permit in March.
