douginil
3月前
Found this on Malcy's Blog 3/18/26
Sintana Energy
Sintana has provided the following update regarding Petroleum Exploration License 87 which governs blocks 2713A and 2713B located in the Orange Basin offshore in the Republic of Namibia. Sintana has a 7.4% indirect carried interest in PEL 87.
Pancontinental Energy Limited, the joint venture partner and operator of PEL 87, has received notification from the Namibian Ministry of Industry, Mines and Energy (MIME) that the Minister has granted approval to Pancontinental’s application to extend the current First Renewal Exploration Period of PEL 87 by 12 months, to January 22 2027. The extension has been granted with the following work commitments to be carried out on PEL 87 during the extension period:
· Undertaking of an Environmental Impact Assessment (“EIA”)
· Reprocessing of 3D seismic data and seismic interpretation
· Drilling of an exploration well
The EIA is well progressed, having commenced in 2025, with the seismic reprocessing work program focusing on a subset of PEL 87 3D. The main purpose of the seismic work will improve seismic signal quality in specific areas.
Robert Bose, Chief Executive Officer of Sintana Energy, commented:
“We are grateful to the Minister for the extension of PEL 87. We look forward to the continued refinement of the existing seismic work in anticipation of securing a farmin partner to progress the project to a focused drilling program.”
Straightforward enough but still good news for Sintana and with plenty of scope for expanding the work programme. Sintana remains a top Bucket List stock and my target price. remains at 75p.
douginil
1年前
250318_Pancontinental_Oil
Thanks to Malcy’s Blog 3/18/25
Sintana Energy about Pancontinental
Sintana has provided the following update regarding developments associated with blocks 2713A and 2713B located in Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 87 (“PEL 87”) which is operated by Pancontinental Orange Pty Ltd., a subsidiary of Pancontinental Energy NL (ASX:PCL) , who maintains a 75% interest in PEL 87. Additionally, Custos Investments (Pty) Ltd. (“Custos”) maintains a 15% interest and the National Petroleum Corporation of Namibia (“NAMCOR”) maintains a 10% interest. Sintana has a 49% indirect interest in Custos.
Pancontinental has received notification from Woodside Energy that Woodside has elected not to exercise its option to farm-in to the PEL 87 project. This notice has been received in advance of the long stop date of May 18th, 2025, after which Woodside’s option was due to expire.
A process is underway to secure an alternate farm-in partner to fund exploration drilling within PEL 87 at the earliest opportunity.
Significant prospectivity has been identified by the high quality 6,593 km2 3D seismic dataset that was fully funded by Woodside. Subsequent interpretation and evaluation has returned an inventory of intra-Saturn leads and prospects which are estimated to be consistent in size and scale to the discoveries made to date in the Orange Basin. Pancontinental, together with the Joint Venture partners, is continuing to mature and refine a growing inventory on PEL 87.
“We look forward to deploying our portfolio of relationships with operators including the supermajors to bring forward the potential of PEL 87.”
said Knowledge Katti, Chairman and Chief Executive Officer of Custos and a director of Sintana.
“The extensive dataset arising from the seismic acquisition campaign funded by Woodside, together with the continuing work to define and refine a significant inventory of leads and prospects, position the PEL 87 partners to expedite farm-in discussions.”
Said Robert Bose, CEO of Sintana. “PEL 87 is an integral part of our Orange Basin portfolio.” he added.
This is a very interesting situation but not one that is a great surprise, the scale and complexity of the Saturn complex has only recently become apparent and whilst there is a ‘significant prize’ here the scale and scope of which will require a material commitment of time and resources to unveil.
Accordingly it has become clear, even to me, that Woodside are simply not in a position to fund their share of the development on their own. This is particularly as they have been increasingly focusing on the LNG and gas development side of the business, these tend to carry IRR and payback targets of 15%+ and 5 years, the latter being hard to fit here. Accordingly they were unlikely to be able to stay with PEL 87 given the required commitment, a decision that I hear went right to the top…
The other thing that is becoming obvious is that Pancontinental has been developing ‘some fatigue’ on what has become a somewhat protracted process. Given that in recent months there has been a lot of activity, a great deal of progress in the basin and independent work which has resulted in a world class asset in both size and quality.
Finally, having seen all this activity it seems that given the red hot nature of the Basin, bringing with it the best companies with the fattest wallets, and indeed smartest partners, other conversations are taking place. I think that going forward this is good news for the partners, although it may be short term pain the long term gain is ‘huge’ according to my expert inside the tent.
farrell90
2年前
Pancontinental Energy NL (AU:PCL) has released an update.10/28/2024
Pancontinental Energy NL is nearing completion of its seismic data analysis in the Namibian Orange Basin, highlighting promising exploration leads with potential for significant oil discoveries. The company is preparing for a surge in drilling operations, with eight wells planned in collaboration with partners like Woodside Energy and major players such as Galp Energia and TotalEnergies already active in the region. With a cash balance of $3.9 million, Pancontinental is poised to capitalize on the resurgent exploration activities, drawing investor interest in the potential hydrocarbon resources.
I missed this tidbit until today, Farrell
see more: https://markets.businessinsider.com/news/stocks/pancontinental-energy-set-for-agm-with-key-resolutions-1033904502?op=1
farrell90
2年前
Upstream update:
https://www.upstreamonline.com/exploration/partner-waiting-for-word-from-woodside-on-promising-namibia-exploration-block/2-1-1682292
"Partner waiting for word from Woodside on promising Namibia exploration block
Shareholders in Pancontinental remain in limbo on major's Orange basin intentions, despite progress on seismic studies
Woodside Energy chief executive Meg O’Neill.
Woodside continues to keep Australian junior Pancontinental Energy guessing about its intentions surrounding a promising exploration block in Namibia’s red-hot Orange basin, no less than 16 months after securing an option to operate the acreage.
Since the Australian major unveiled its farm-in option in March 2023, Petroleum Exploration Licence (PEL) 87 has arguably become even more attractive because it lies right next door to the block housing Galp Energia’s stunning Mopane oil and gas discovery, which holds an in-place resource of 10 billion barrels of oil equivalent.
Woodside has an option to acquire a 56% stake in the licence after paying for a 6593-square kilometre 3D survey and giving Pancontinental $1.5 million in cash.
This option can be exercised at least 180 days after delivery of the seismic survey data.
In late April, Pancontinental said the long-stop date by which Woodside has to exercise its farm-in option — by committing to drill an exploration well — would be 180 days from the date that the PEL 87 partners give Woodside a licence to hold ongoing rights to the 3D seismic data.
Pancontinental said on Wednesday it is “working to finalise” the seismic licence with the Namibian authorities so the long stop date “can be established as soon as possible”.
However, the company stressed that Woodside could still exercise its option at any time prior to the long stop date.
As things stand, both the current operator and Woodside are undertaking separate technical analyses of the 3D data.
Pancontinental said its primary focus is on Cretaceous play concepts that range in age from Barremian channelised fans to Cenomanian channels, within which it has identified the full array of trapping styles.
The operator noted that seismic bright spots and amplitude-versus-offset (AVO) anomalies — all potential indicators of the presence of hydrocarbons — are “evident” within some exploration leads identified within the greater Saturn complex.
Pancontinental said its in-house technical team is focused on maturing interpretation of key sequences within the Cretaceous petroleum systems that host on-trend discoveries, such as TotalEnergies’ Venus find.
Earlier this month, a specialist consultancy started to undertake an AVO study.
Pancontinental said the bright spots “clearly indicate” the presence of deepwater feeder channels running west into what are interpreted to be deepwater turbidite fan systems, one of which appears to be detached from the feeder system.
These bright spots are located north of the structural high around the legacy Moosehead-1X exploration well, and east of a regional high.
“These features,” argued Pancontinental, “are thought likely to host high quality reservoir sands, of comparable age to those that host TotalEnergies' giant Venus discovery.”
The operator will soon start work on a basin modelling study to fully define the hydrocarbon source kitchen and hydrocarbon charge mechanism and its timing.
Once the AVO and basin modelling work are complete, the Aussie junior can then begin to better define individual prospects.
Even so, Pancontinental said it “remains encouraged by the high quality of the data and is increasingly confident in the hydrocarbon potential of PEL 87”.
Pancontinental holds a 75% stake in PEL 87 and is partnered by local player Custos Energy on 15%, while state-owned Namcor has a 10% interest."
Hopefully Woodside will commit to exploring the oil field or let an operator with proven experience in Namibia such as neighboring Galp or Total get on with it.
carsonckid
2年前
Update: Market Chatter: Exxon, Shell Among Oil Firms Interested in Galp Energia's Namibia Oil
Prospect
10:46 AM ET 07/02/2024 | MT Newswires
CVX PBR SHEL TTE WDS XOM
Update: Market Chatter: Exxon, Shell Among Oil Firms Interested in Galp Energia's Namibia Oil Prospect
10:46 AM EDT, 07/02/2024 (MT Newswires) --(Updates with additional details.)
Exxon Mobil (XOM) and Shell (SHEL) are among the more than 12 oil companies that have expressed interest in buying a 40% stake in Galp Energia's oil discovery off the coast of Namibia, Reuters reported Tuesday, citing sources close to the sales process.
Galp's Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion, according to Reuters.
Companies including Exxon, Shell, Chevron (CVX), TotalEnergies (TTE), Petrobras (PBR), Australia's Woodside Energy (WDS), and Apache Energy struck agreements for accessing geological data of the field, the report said, citing four unnamed sources.
Several firms placed indicative, non-binding offers for the stake in late June, the sources were quoted as saying.
Most companies were expected to give an upfront cash payment to Galp, the report said, citing the sources.
The companies did not immediately respond to
MT Newswires' requests for comment.
carsonckid
2年前
Here you go Doug…..
Sorry for the copy and paste
Appendix 3Y
Change of Director's Interest Notice
Rule 3.19A.2
Appendix 3Y
Change of Director's Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 30/09/01 Amended 01/01/11
Name of entity
ABN
Pancontinental Energy NL
95 003 029 543
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director
Vesna Petrovic
Date of last notice
18 June 2024
Part 1 - Change of director's relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.
Direct or indirect interest
Direct
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change
N/A
No. of securities held prior to change
Class
Number acquired
Number disposed
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
24 June 2024
PCL
14,913,043 ordinary shares.
PCLO
500,000 listed options.
PCLAD
20,000,000 unlisted options exercisable at $0.007, expiring 30 December 2026.
PCLAF
20,000,000 unlisted options exercisable at $0.0145, expiring 28 July 2027.
PCL
ordinary shares
N/A
PCL
6,000,000 ordinary shares
$126,000
+ See chapter 19 for defined terms.
01/01/2011 Appendix 3Y Page 1
carsonckid
2年前
Namibia shows pulling power as Australian players join feeding frenzy
This was posted on HotCopper last night…
"With majors and others firing up exploration campaigns in the southwest African upstream hotspot, Woodside Energy may be well positioned to firm up its presence in the Orange Basin. Namibia's capacity to attract interest shows no sign of abating, with the most recent bout of announcements from IOCs reinforcing the positive sentiment with fresh billion-barrel oil finds that confirm the country's status as the world's richest hunting ground for global explorers.
The majors have been in the game since February 2022, with the likes of Shell and TotalEnergies making major announcements in the offshore Orange Basin at their respective Graff and Venus blocks. With an estimated 88% drilling success rate claimed in the Orange basin and, notes consultancy Wood Mackenzie, with 230,000 square kilometres of licenced acreage – more than double that of Norway's 100,000 sq km – on offer, Namibia's offshore remains under-explored.
Amid expectations that oil production in Namibia could exceed 500,000 b/d within a decade, none of this has gone unnoticed by Australian E&P players. The ASX-listed junior PanContinental Energy was ahead of the game, taking operatorship in December 2017 of a 75% interest in Petroleum Exploration Licence (PEL) 87, a large 10,947 sq km area in the Orange Basin one-trend with Shell, TotalEnergies and Galp Energia's acquired interests. PanContinental's hunch was that offshore Namibia is an area with a potential for large oil discoveries that could be profitable at prevailing oil prices and highly profitable at better prices.
Fellow Australian Woodside Energy appeared to agree, announcing in March 2023 a deal granting it an option to take a 56% participating interest in PEL 87, delivered from PanContinental's 75% stake. Galp's recent discoveries suggest that PanContinental's hunch about PEL 87 was right. The Portuguese company announced in April the Mopane-1X and Mopane-2X oil discoveries situated 90km south of PEL 87 hold an estimated 10 billion barrels of oil equivalent in-place. Pancontinental regards the Mopane discoveries as being an extremely positive indicator for PEL 87 perspectivity, residing in a similar, intra-slope setting."
madmax
2年前
Here is news from SEUSF,
PEL 83 Exploration Campaign Update 5 - Successful Completion of Well Testing Operations at Mopane-1X
V.SEI | 17 hours ago
TORONTO, April 21, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided during Q1 2024, Galp (the license operator with an 80% interest) together with its partners NAMCOR and Custos, has successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.
The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. The rig then moved to the Mopane-2X location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets; AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8km to the east, confirming its lateral extension.
The reservoirs’ log measures contain good porosities, high pressures and high permeabilities in large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations. The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.
All acquired data from the current Mopane drilling campaign will be analyzed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex.
PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.
“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83 with Mopane alone containing potential in excess of 10 billion barrels of original oil in place making it one of the largest discoveries globally.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
“The results of the initial exploration campaign on PEL 83 are a true milestone for all stakeholders including the people of Namibia, our local partners and Sintana. We are thrilled to be a part of this world class discovery and want to express our sincere gratitude and appreciation for the efforts and tenacity of the Joint Venture partners, including Custos.” said Robert Bose, CEO and Board Member of Sintana. “The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as the Orange Basin emerges as the world’s next great hydrocarbon province.” he added.
carsonckid
2年前
We made upstream news!!!
Australian junior 'sitting pretty' on
Namibia block coveted by Woodside
Initial interpretation of 3D seismic data and Galp's recent Orange basin discoveries boost prospectivity of PanContinental asset.
"Woodside Energy’s decision a year ago to secure a farm-in option over a promising exploration block in Namibia’s Orange basin is looking very astute based on the latest findings from a 3D seismic survey shot over the deepwater tract.
Last March, the Australian major struck a deal that gives it an option to take a 56% interest in Petroleum Exploration Licence 87, which is operated by PanContinental Energy, an Australia-listed minnow whose shares currently languish at A$0.02, or just over one US cent.
This block was already in a well-regarded exploration zip code, but since that deal was agreed, significant oil discoveries made this year by Galp Energia in the block immediately to the south and processed data from the 3D shoot, have made it an even more desirable address.
Woodside can secure a stake in PEL 87 — which covers Block 2713 — in return for, among other things, paying the full cost of the 5600 square kilometre 3D seismic survey that was completed last May.
Once it has received the remaining seismic products and secures a seismic licence, the Australian major has up to 180 days to exercise this option.
In late January, Woodside and PanContinental received final post-stack depth migration (PSDM) products from the shoot which are now being interpreted to initially assess the block’s key geological plays, before a deep dive into individual prospects.
Iain Smith, board advisor to PanContinental, told investors today that Galp’s discoveries combined with results from the 3D survey leave the company “sitting pretty” in block 2713.
Before the new 3D seismic data was acquired, the exploration target PanContinental had always highlighted was Saturn.
But that has all changed, with Smith now talking about prospectivity “across variety of formations and ages, not just Saturn; we’re very pleased with what we’ve seen so far. “We’re extremely encouraged by the prospectivity”.
He explained that the interpretation process for such as large survey is labour-intensive and takes time to get right.
“We’re not simply looking for structures. We’re looking for quite subtle features and not just structures,” he said, adding that the interpretation teams will be looking for amplitude-versus-offset anomalies as well as direct hydrocarbon indicators.
Smith said seven Cretaceous play concepts have been identified to date — in a variety of structural, stratigraphic and combination trapping styles — with additional non-Cretaceous plays, including Tertiary, under evaluation.
What are known as seismic “bright” spots — widely regarded as potential hydrocarbon indicators — have also been mapped.
The 180-day clock has yet to start ticking on Woodside option, and will only be triggered when it receives all seismic products and it secures the seismic licence.
Woodside’s global new ventures team in Houston is evaluating the seismic data."
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