On gaining option with WDS - PCL ann included this statement on PEL
About PEL 87 PEL 87 was awarded to a Joint Venture led by Pancontinental on 23 January 2018 for a possible total of 3 terms spread over 8 years, plus possible extensions. PEL 87 can be converted to a Production Licence under pre-agreed terms. PEL 87 covers a very large area of 10,970 sq km, subject to periodic relinquishments which may be waived by the Government of Namibia at its discretion. Pancontinental has mapped the very large Saturn Turbidite Complex, with a core area of some 2,400 sq km and an overall area of about 4,000 sq km. This very large and complex feature may host numerous large internal hydrocarbon traps, some of which have already been mapped on 2D seismic. None has yet been drilled. Very good oil source, reservoir and sealing rocks have been identified regionally, and now proven by recent discoveries. Pancontinental and Woodside plan 3D seismic over Saturn in partnership with Namibian partners Custos and Namcor, to define targets for drilling.
PCL Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
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