| Reconnaissance Licence RL-1 2007, Offshore Walvis Basin (100%) |
Pancontinental holds a 30,000 sq. km offshore Reconnaissance Licence (RL) in the emerging hydrocarbon province, offshore Namibia.
RL-1 2007 is located 400km south of the Angolan border in water depths from 300m to 3,000m, with over half the area being in less than 1,500m of water depth.
Under the terms of the RL, Pancontinental has two years (plus possible extensions) to undertake detailed technical studies of existing seismic and well information. Pancontinental can then elect to enter a Petroleum Agreement with an exploration period of up to eight years to further explore all or part of this area.
Pancontinental has entered a participation agreement with Key Resources and has applied for a production sharing agreement and exploration licence over part of the RL area.
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