Pancontinental Energy NL has delivered the Seismic License for PEL 87 offshore Namibia to Woodside Energy following relevant approval from the Namibian authority
The Seismic License provides Woodside ongoing rights to the PEL 87 3D seismic data, the acquisition and processing of which was funded by it. While Pancontinental Orange Pty Ltd holds 75% operatorship in the PEL 87 Joint Venture, there is an exclusive scope for Woodside to derive over a 56% participating interest from Pancontinental’s shares.
Pancontinental, on the other hand, has an option over a 1% participating interest to be derived from the 15% share exercised by Custos Investments (Pty) Ltd.
The Seismic License delivery marks the origin of the 180 days-long Long Stop Date which is 18 May 2025, when Woodside Energy may exercise its option to farmin to PEL 87.
Orange Basin
Besides Pancontinental and Custos, the National Petroleum Corporation of Namibia (NAMCOR) owns a 10% interest in the PEL 87 Joint Venture.
PEL 87 belongs in the Orange Basin which keeps giving, with latest light oil discovery reported in March from Mopane in PEL 83.
Woodside Energy secures rights to 3D seismic data from PEL 87
The Seismic License provides Woodside ongoing rights to the PEL 87 3D seismic data. (Image source; Adobe Stock)
