A new petroleum exploration license (PEL) will be issued over the area. The company believes the encompassed block 2713 is highly prospective for oil, with good quality mature oil source rocks and the potential for very large oil traps.
Water depths vary from 500-3,200 m (1,640-10,498 ft) and the area is on trend with aTotal /Impact Oil and Gas deepwater block, which Total farmed into this October.
Large-capacity oil prospects, including turbidites, have been identified in the region.
Pancontinental will operate the new PA with a 75% interest, in partnership with Namibian partners Custos Investments (15%) and state oil company Namcor (10%).
Both partners will be carried through the exploration phase, which has already started, and which will include data acquisition, initial geological and geophysical mapping, and the compilation of leads and prospects.
Assessment to date has led to identification of prospective fairways and potential traps across large areas adjacent to mature oil-prone source rocks.