Perth based Pancontinental Oil and Gas is entering a busy second half of 2018, with the spud of the highly anticipated Cormorant-1 well in offshore Nambia. The company also has interests in the Walyering Field in the Perth Basin, and gas production and development interests in the United States’ Sacramento Basin.
In September all eyes will be on Namibia, where the Cormorant has been labelled by Wood McKenzie as one of the top 20 wildcat wells to watch in 2018. Pancontinental is free-carried through the well, after farming down out its first mover position to a 20% interest, and enlisting Africa exploration specialists Tullow Oil to operate the drilling program.
CEO John Begg said the Walvis Basin well had the potential for 124 million barrels of recoverable oil. “Cormorant is one of 4 large prospects mapped in a cluster on 3D seismic, all within PCL’s block PEL37 and with collective potential for 915 million barrels,” John says.
“Pancontinental also has 75 per cent of PEL 87, another block to the south, and in September we will release a resource announcement for that acreage.”
The Namibia story was given a boost in August with ExxonMobil taking a stake in a block on the same trend as the Cormorant Well – the oil major’s second foray this year into Namibia after it also farmed in to the block next door to PEL 37.
Closer to home, John says the company is planning a 3D seismic survey of the Walyering field. The field was in production in the 1970’s but new analysis by Pancontinental suggests there is more potential to be unlocked in the area.