Pancontinental: Second 2D survey off Namibia ends

Pancontinental Oil & Gas NL advises that a second seismic survey acquisition of 1,000km of 2D data has now been completed within its highly prospective offshore acreage in licence area EL 0037 offshore Namibia, southwest Africa.

The 2D acquisition extends to the south beyond a recently completed 3D survey of approximately 3,000km2 and provides infill to existing 2D seismic coverage.

The 2D seismic coverage is intended to provide data to define new “leads” ontrend to the 3D area while the 3D survey is designed to prove-up a number of previously defined leads to drillable “prospect” status. EL 0037 covers an area of 17,295km2 in the Walvis Basin. Offshore Namibia is considered highly prospective for oil and gas, lying south of the prolific producing areas offshore Angola, withwhich it shares some geological characteristics.

The 2D and 3D surveys were both managed by the EL0037 Joint Venture operator Tullow Oil, using the seismic acquisition vessel Polarcus Asima.

Tullow Oil farmed-in to EL 0037 in October 2013 and subsequently identified a number of geological Leads for coverageby the 3D survey. Pancontinental retains a 30% free-carried interest through the surveys and one optional well to be drilled by Tullow.

The 2D and 3D data will now be processed. Fast-track processed 3D data are expected within approximately 10 weeks allowing detailed mapping of the prospects and leads to commence.

Final processed data are expected in approximately five months.

Regional Activity

An oil recovery and reports of high quality oil-mature source rocks in the Wingat-1 well, drilled in 2013, have given considerable encouragement for exploration in the Walvis Basin.

Wingat-1 is directly on-trend to the south in an “Oil Mature Fairway” interpreted by Pancontinental in EL0037.

The joint venture participants in Block EL 0010, neighbouring Pancontinental’s EL 0037, report that the commencement of the Welswitchia-1 exploration well is imminent. The Welswitchia-1 drilling site is approximately 75km from the north-west boundary of EL 0037.

Industry interest in offshore Namibia is continuing to grow. The recent farminentries of Shell, OMV and Murphy Oil have followed earlier entries by Repsol and Tullow. Other large industry entrants are expected in the future.

Further Namibia Background

Namibia is under-explored with only seven onshore and 14 offshore wells drilled over a coastline of some 1,300km.

Active oil & gas systems are demonstrated by oil recovery from the Wingat-1 well in the Walvis Basin in May 2013 and the significant Kudu gas discovery offshore southern Namibia.

Offshore Namibia and Angola form the tectonic conjugate of offshore Brazil, which contains some highly oil-productive basins. Pancontinental’s CEO, Barry Rushworth said: “Namibia is entering a very exciting phase for oil exploration. The offshore margin covers a vast prospective area and is significantly under-explored.”

“Pancontinental has a very large, highly prospective licence area, as evidenced by the farmin of Tullow last year. Pancontinental is free-carried by Tullow for seismic and potential drilling.”

“The recovery of oil and the verification of high quality source rocks adjacent our licence area has added to the high level of industry interest, which was reinforced at a recent industry conference in Namibia attended by some of the world’s largest oil companies.”

“Namibia has an encouraging oil & gas regulatory regime and is economically and politically stable. Exploration activity, including drilling, is expected to continue to be high in coming years.”

Press Release, April 28, 2014

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