Pancontinental Strikes Gold with 2.5 Billion Barrel Oil Potential Off Namibia
Pancontinental Energy has delivered remarkable news for investors with revised estimates showing its PEL 87 project in Namibia’s Orange Basin could contain over 2.5 billion barrels of recoverable oil. Chief Executive Officer Iain Smith announced that the company’s technical team has identified a single well location at the Oryx prospect offering oil potential at three discrete intervals, with the Geological Chance of Success upgraded to an impressive 26.2%.
The Oryx prospect now incorporates previously identified Calypso and Addax Channel leads, creating a consolidated target that can be effectively tested with a single exploration well. The revised High Case prospective resource estimate represents a significant boost from earlier assessments, with the Best Case estimates showing the most dramatic improvements, particularly for the mature Oryx and Hyrax prospects.
Adding to the excitement, ongoing QI screening has identified an additional prospective feature called Phoebe West, interpreted as an Albian-to-Aptian basinal turbidite fan feature. This discovery external to the Saturn Complex demonstrates the continued potential for new finds in this highly prospective basin.
Source: oilreviewafrica.com
