PEL 87 in the Orange Basin offshore southern Namibia covers an area of 10,970 square kilometers and is perceived to be situated on-trend with a number of very significant hydrocarbon discoveries that have been made over years.
The permit was awarded to a joint venture led by Pancontinental in early 2018 for up to three terms over eight years, plus subsequent extensions, and may be converted to a production licence under pre-agreed terms.
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The participants in the PEL 87 joint venture are Pancontinental Orange (operator with 75% interest, Custos Investments (15%), and National Petroleum Corporation of Namibia (NAMCOR) (10%). Sintana has a 7.4% indirect carried interest in PEL 87.
Robert Bose , Chief Executive Officer of Sintana Energy, highlighted: “We are grateful to the Minister for the extension of PEL 87. We look forward to the continued refinement of the existing seismic work in anticipation of securing a farm in partner to progress the project to a focused drilling program.”
10 days ago
about 4 months ago
Pancontinental Orange, a subsidiary of Australia-based petroleum exploration player Pancontinental Energy, has secured a one-year extension of its license off the coast of Namibia.
