Australia-listed Pancontinental Energy has unveiled a 666 million-barrel upgrade of potential recoverable resources held in its promising exploration block in Namibia’s Orange basin.
Pancontinental Energy says Oryx prospect could hold more than 1 billion barrels of recoverable oil.
The junior company operates petroleum exploration licence (PEL) 87, a block that Woodside Energy had an option to enter earlier this year, but declined to do so, leaving Pancontinental hunting for partners to fund an exploration campaign.
Since Woodside’s decision, the company has been developing a better understanding of PEL 87 — which hosts the huge Saturn complex — via analysis of 2D and 3D seismic data.