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Thursday, 11/03/2016 3:43:27 AM

Thursday, November 03, 2016 3:43:27 AM

Post# of 1629
PCL Quarterly Activities Report - 31 October, 2016

PCL Quarterly Activities Report

Offshore Namibia holds great exploration potential; the frontier territory is
mostly unexplored, yet it holds all the elements necessary for a hydrocarbon
accumulation. Namibia’s offshore waters are home to basins which have been
de-risked to the extent that there is evidence of working oil and gas systems.
Brazil’s PetroRio (formerly HRT) made a significant discovery
in 2013 by drilling the Wingat-1 well in the licence adjacent to
Pancontinental’s acreage. The well encountered oil and
although the find was not commercial, two well-developed
source rocks were found, as well as several small reservoirs
saturated with oil.



The discovery opened up a new play in the area as it was the
first confirmation of oil offshore Namibia.
The “Inner Graben” (a graben is a valley of land bordered by
parallel faults) in the Walvis Basin is interpreted by
Pancontinental to be a main regional oil generating zone and
one of the most critical factors to finding commercial oil
offshore Namibia. Pancontinental’s PEL 0037 and PetroRio’s
former PEL 0023 are contiguous over the inner graben.

The company’s Namibian asset has passed initial stages of data collection and
is now at the stage of selecting a drillable prospect from its inventory of
Prospects confirmed by the extensive 3D and 2D seismic acquisitions covering
the licence.
The farmout agreement under which Pancontinental is fully carried for this
exploration period states that a well is to be drilled by March 2017, one year
earlier than that required under the terms of the Petroleum Agreement signed
in 2011.