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Significant Well Spuds On-Trend to Pancontinental's Offshore Namibia PEL 87

12/03/2021 | 09:15am

Pancontinental (ASX: PCL) is pleased to announce significant drilling activity has commenced on-trend to its significant acreage position in Namibia PEL 87 offshore Namibia.

French major TotalEnergies has commenced drilling its ultra-deep Venus-1 well in the Orange Basin offshore Namibia On-trend, Pancontinental has mapped the very large Saturn turbidite complex in PEL 87. Saturn is geologically similar to Total's Venus Prospect Venus and Saturn overlie the same high-quality mature Oil Source Rock, and both lie immediately below the major Regional Seal The Maersk Voyager drillship has commenced Venus drilling in 3,000m of water. Partners in the well are TotalEnergies (40%), Qatar Petroleum (30%), Impact Oil & Gas (20%), NAMCOR (10%) Shell Exploration & Production is also expected to soon commence the Graff-1 well with the drillship Ensco DS-10. Graff-1 will test a stratigraphically younger target than Venus and Saturn Venus-1 and Graff-1 are on-trend and about 130 Km south of Pancontinental's PEL 87 area Either well could prove the Orange Basin offshore Namibia as a major new oil province PEL 87 Joint Venture interests arePancontinental Orange Pty Ltd 75% (Operator) Custos Investments (Pty) Ltd 15% National Petroleum Corporation of Namibia (NAMCOR) 10% Pancontinental is well positioned in the Orange Basin offshore Namibia with PEL 87 covering a 10,970 km2 block with significant oil potential in the Saturn turbidite complex that spans more than 2,400km2. Pancontinental's Technical Director, Mr Barry Rushworth commented- 'The delayed Venus-1 well offshore Namibia has now started operations ontrend to Pancontinental's PEL 87.

The drilling of the Graff-1 well is also expected to follow with the rig currently moving towards the drilling location'. 'The wells are being drilled by Shell and Total, two giants in the world's energy scene'.

'Total's Venus-1 has started drilling in ultra-deep conditions where the oil prize has to be very large to justify the drilling effort'. 'In fact, Pancontinental's Saturn play is also very large and very similar geologically to Total's Venus Prospect, and in shallower water'. 'Shell's imminent Graff-1 is geologically shallower than Venus and Saturn. All the same, success would be extremely meaningful'. 'In a carbon-transition world that is growing and still hungry for energy, the fact is that oil remains an unavoidable part of the energy mix until we achieve a full transition'. 'Shell and Total are two of the world's largest and most successful oil companies'.

'Pancontinental is the only listed junior company in this exciting Orange Basin play offshore Namibia and we watch with great interest as drilling proceeds'.

Cautionary Statement

The estimated quantities of petroleum in this report that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Prospective Resources

Prospective Resource estimates in this report have been prepared as of 11 September 2018. The estimates have been prepared in accordance with the definitions and guidelines set forth in the Petroleum Resource Management System 2007 approved by the Society of Petroleum Engineers and have been prepared using deterministic methods and probabilistic methods depending on the project and this is disclosed under the prospective resource numbers. Unless otherwise stated the estimates provided in this report are Best Estimates. The estimates are unrisked and have not been adjusted for an associated risk of discovery and risk of development. Prospective Resources estimates in this report have been made by Pancontinental Energy NL and may be subject to revision if amendments to mapping or other factors necessitate such revision.

Forward Looking Statements

This document may include forward looking statements. Forward looking statements include, are not necessarily limited to, statements concerning Pancontinental Energy NL's planned operation programme and other statements that are not historic facts. When used in this document, the words such as 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward looking statements. Although Pancontinental believes its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward looking statements.


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