| Walvis Basin, Offshore northern Namibia
EL 0037 (85% and Operator) |
Joint Venture Partner Paragon Investment Holdings (Pty) Ltd (15%)
Pancontinental was granted full exploration and production rights under Production Agreement EL 0037 signed by the Namibian Ministry of Mines and Energy on 18 June 2011. The licence covers some 17,295 square kilometres in the Walvis Basin offshore northern Namibia. The licence area was selected partly from a previous Reconnaissance Licence RL-1 2007 held by the Company.
Pancontinental is the Operator of EL 0037.
Water depths in EL 0037 are 0 to 1,500 metres and the Company is exploring for ponded turbidites and channel sands already identified on the good existing seismic data base.
Offshore Namibia is regarded as highly prospective for oil and gas. It lies south of the prolific producing areas offshore Angola, with which it shares some geological characteristics and it is the tectonic conjugate of offshore Brazil.
Excellent quality oil-prone source rocks have been seen in regional wells and these source rocks should be mature to generate oil in the "Inner Graben" that is the key to the prospectivity that the Company interprets within the licence area. Good reservoirs and seals have also been seen in regional wells.
To support the concept of oil generation, a "bullseye" of interpreted naturally occurring oil slicks has been seen in EL 0037.
There is a highly active regional exploration scene offshore Namibia, with as many as 6 or more wells planned in the next 18 to 24 months.
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