Australian junior Pancontinental Energy has confirmed it is in discussions with multiple supermajors and industry players over potential farm-in deals for Petroleum Exploration Licence (PEL) 87 in Namibia’s prolific Orange Basin, following Woodside Energy’s recent decision to walk away from an optional stake in the block.
Pancontinental’s share price took a significant hit in March 2025 after Woodside declined to proceed with the optional farm-in, despite the block’s promising Saturn Complex, which is estimated to contain up to 1.6 billion barrels of recoverable oil.
The Orange Basin has attracted massive interest in recent years, especially after TotalEnergies and Shell made major discoveries in adjacent blocks. Pancontinental now sees a renewed window of opportunity, with executives stating that ongoing talks could lead to a new strategic partner entering the project.
Pancontinental holds an 85% interest in PEL 87, with Namibian partner Custos Energy and the National Petroleum Corporation of Namibia (Namcor) holding the remainder. The company remains confident in the basin’s potential and is continuing data interpretation and drilling planning.
