Pancontinental Says Basin Modelling Study at Project Offshore Namibia Shows Promising Results; Shares Jump 9%

MT Newswires Live07-02

Pancontinental Energy (ASX:PCL) said that a basin modelling study at the PEL 87 project offshore Namibia indicates generative capacity of over 20 billion barrels of oil feeding directly into the Saturn Complex at the project, according to a Wednesday Australian bourse filing.

The study sought to predict areas of hydrocarbon generation, migration, and accumulation at the Orange Basin by analyzing the formation and structural evolution of the basin within the vicinity of the project, the filing said.

The firm said that its quantitative interpretation specialist analyzed 3D seismic data from the project, incorporating rock physics trends from regional well data, and the resulting study supports a high net-to-gross reservoir system.

The results will be incorporated into the firm's estimates of prospective resources and geological risk, the filing said.

The firm's shares rose over 9% in recent trading on Wednesday.

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