Pancontinental Energy NL announced that The National Petroleum Corporation of Namibia (NAMCOR) and Qatar Energy confirm that they have hit oil with their operating partner Shell in the high-profile Graff-1 wildcat well offshore Namibia Analysis of well data is ongoing. Graff-1 is in the Orange Basin, on trend to Pancontinental's PEL 87 licence area. Total is continuing to drill the Venus-1 ultra-deep exploration well, also on-trend to PEL 87.

Recent reports by the National Petroleum Corporation of Namibia (NAMCOR) and Qatar Energy have confirmed previous press reports of a light oil discovery operated by their partner Shell Namibia in the Graff-1 exploration well in the Orange Basin offshore Namibia. This is the first oil discovery ever declared offshore Namibia. Pancontinental estimates that a minimum economic field size would be 200 Million Barrels recoverable oil at the Graff location.

The Graff-1 well has been drilled in approximately 2,000m water depth, with a total drilling depth of 5,376m below the sea surface. Pancontinental's PEL 87 licence area covers approximately 10,970 sq Km with water depths from 400m to 3,000m.