Latest news with #PancontinentalEnergy
The Australian
2 days ago
- Business
- The Australian
PCL upgrades resource at Oryx prospect
Pancontinental study upgrades net Oryx prospective resource by 53% to 815MMbbl of oil Quantitative interpretation study also increases chance of success from 22.5% to 26.2% Calypso and Addax Channel leads incorporated into Oryx as a single well; PCL can test all three targets Special Report: Pancontinental Energy has increased both the potential scale and geological chance of successfully finding oil at its PEL 87 project in the Orange Basin offshore Namibia. An ongoing quantitative interpretation study carried out by the company indicated the potential for a higher net-to-gross reservoir system at the Oryx prospect than previously estimated. It also incorporated the Calypso and Addax Channel leads into Oryx as it was determined all three could be effectively tested by a single exploration well. This led Pancontinental Energy (ASX:PCL) to upgrade best case (2U) prospective resources at Oryx up from 534 million barrels (MMbbl) of oil to 815MMbbl net of its 75% stake in PEL 87. It also increased the geological chance of success – the likelihood of making a commercial oil discovery – up from 22.5% to 26.2%. Prospective resources are typically defined as the potentially recoverable amount of hydrocarbons from undiscovered accumulations, which is to say they are estimated from seismic surveys and require drilling to actually confirm oil is present. Chief executive officer Iain Smith said the upgrade meant the company had pinpointed a single well location at Oryx that offers oil potential at three discrete intervals for a combined 2.5 billion barrels of high case (3U) prospective resource. Map of PEL 87. Pic: Pancontinental Energy On trend with major discoveries The 10,970km2 PEL 87 project off the coast of southern Namibia is on trend with a number of very significant hydrocarbon discoveries that have been made in recent times by Galp Energia, TotalEnergies and Shell. It was awarded to PCL in 2018 for up to three terms over eight years and may be converted into a production licence under pre-agreed terms. PEL 87 is presently within the first renewal exploration period that commenced on January 23 2024 and will end January 22 2026. This period includes an associated work commitment to drill one exploration well or, if a drillable prospect is not identified, acquire either 500km2 of 3D seismic data or 1000 line kilometres of 2D seismic data. The project hosts several prospects and leads of which Oryx is recognised as being both the largest and the one with highest chance of success. Others include Hyrax, Xerux, Oryx North, Addax Fan and Addax South that collective host 2U prospective resources net to PCL of 2.27 billion barrels of oil. Meanwhile, the ongoing QI screening has recently resulted in mapping of an additional prospective feature, external to the Saturn Complex. This Phoebe West lead is interpreted as an Albian-to-Aptian basinal turbidite fan feature fed by a long-lived northern channel clastic bypass depositional system. That said, interpretation is ongoing at this time. This article was developed in collaboration with Pancontinental Energy, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The Australian
2 days ago
- Business
- The Australian
Rock Yarns: Swimming with the majors off the coast of Namibia
Stock analysis veteran and lover of the resources game, Peter Strachan is back for another instalment of the Rock Yarns podcast. In this episode, Peter chats with Iain Smith, CEO of Namibian petroleum explorer Pancontinental Energy (ASX:PCL). PCL is currently exploring in Namibia's Orange Basin, which extends from the country's southern waters down to South Africa. The company's permit is located in deep water "a couple hundred kilometres" off of the Namibian coastline. But more importantly, PCL is searching in the same waters north of a number of major operators, including Chevron and Shell. Tune into this episode to hear what the company has been up to. This podcast was developed in collaboration with Pancontinental Energy, a Stockhead advertiser at the time of publishing. The interviews and discussions in this podcast are opinions only and not financial or investment advice. Listeners should obtain independent advice based on their own circumstances before making any financial decisions. Sponsored Compumedics has signed two new four-year distribution agreements with long-standing partners in China worth a combined $24.4 million. Sponsored LinQ Minerals has started an extensive drilling program at its Gilmore project in NSW on the hunt for potential extensions to historical gold-copper.
News.com.au
17-07-2025
- Business
- News.com.au
Tapping giant oil targets offshore Namibia
Pancontinental Energy is aiming to update its estimates of geological risking and prospective resources at its PEL 87 exploration permit off the Namibian coast, where it remains confident of making a large oil discover from the world class Kudu host rock. Veteran energy analyst Peter Strachan digs into the key facts around the project and why PCL is well placed to attract a new farm-in partner to lead drilling at the Southern African site. Positive seismic data interpretation over Saturn Complex Analysis of 3D seismic data acquired in 2023 enables identification of the Oryx and Hyrax oil prospects within the broader Saturn geological Complex at Pancontinental Energy's 75% held PEL 87 exploration permit, offshore Namibia. Initial assessment of Prospective Resources finds that each prospect has potential for 100% gross, (2U) Best case 534 million barrels of recoverable oil with upside to 1.5 and 1.4 billion barrels recoverable respectively in the (3U) High case. A further six leads identified within the Saturn Complex hold potential to yield a Best (2U) total of 537 million barrels of oil or a High (3U) total of 2.1 billion barrels. Prospects are assigned an estimated Geological Chance of Success (GCoS) ranging from 19.7-22.5% while a GCoS ranging from 16.3-19.4% is estimated for leads. QI offers possible resource upgrading Ongoing in-house Quantitative Interpretation (QI) of seismic data against well data supports potential for an upgrade of estimated prospective resources during the September '25 quarter. Studies indicate good potential for high-quality reservoir systems with high net to gross of productive reservoir rocks. Confidence is further enhanced by hydrocarbon fluid effects coinciding with Class II AVO anomalies. These have been a successful marker for giant oil accumulations within the Orange Basin. Pancontinental Energy (ASX:PCL) presently assumes an approximate 30% recovery factor to estimated oil-in-place, which may prove to be conservative given the permeability, porosity and flow rate results recorded from targeted reservoir rocks found further south in the Orange Basin. Incorporation of the ongoing QI assessments may also increase estimates of GCoS over identified prospects and leads. Farm-out action underway Armed with its proprietary detailed seismic survey results and supported by flow rate and reservoir data from nearby oil and gas discoveries made by Galp Energia, a BP/Eni joint venture, Shell and TotalEnergies in Orange Basin permits to its south, Pancontinental is now in a strong position to attract a major farm-in partner to fund exploration drilling. Similar characteristics of targets within the Saturn Complex mean that success at the initial prospect is likely to instantly upgrade GCoS for the entire prospect/lead inventory at PEL 87. Surrounding permits deliver strong exploration success Previous exploration success in neighbouring permits reveals a global hotspot for giant oil and gas discoveries showing abundant petroleum source material, along with sandstone reservoir rocks and traps sealed by good quality shale seals. The Saturn Complex is interpreted to sit atop an oil "kitchen" so that only short distance lateral and vertical migration is required to charge target structures. Recent step-out drilling at Galp Energia's Mopane discovery in permit PEL 83 immediately to the south of PEL 87, found more oil in reservoirs with high porosity and permeability, located 18 kilometres from the initial Mopane discovery well which flowed on test at 14,000bbl per day. The initial 875 million barrels of 3C contingent oil equivalent (Mmboe) estimated for Mopane is anticipated to increase dramatically as further exploration and appraisal drilling is completed. Further south, in PEL 85, the Azule Energy well, Capricornus 1-X, flowed light oil at over 11,000bbl per day on test. Further offshore to the west in deeper waters, TotalEnergies found a reported 5 billion barrels of oil at its Venus and Mangetti discoveries. Inshore, BW Energy has outlined about 1.5 trillion cubic feet of gas at its discovery and plans to test satellite oil and gas prospects, aiming to develop an onshore gas-to-power project targeting the energy-poor South African market. Discoveries in the Orange Basin are consistently characterised by strong AVO anomalism on 3D seismic survey data, proven to be a feature of seismic survey work carried out over Pancontinental's permit. AVO anomalism is often associated with the presence of hydrocarbons within porous reservoir formations, as is the case in the Orange Basin. Namibia's National oil company holds a 10% interest in PEL 87, and the permit incorporates a standard royalty and tax system for petroleum. At Stockhead we tell it like it is. While Pancontinental Energy is a Stockhead advertiser at the time of publishing, it did not sponsor this article.
News.com.au
05-05-2025
- Business
- News.com.au
Closing Bell: ASX drops almost 1pc to end seven-day winning streak
ASX falls almost 1pc on Monday after setting new 20-day high last week Sectors in the red right across the board Falling oil price weighs heavily on Energy sector, down more than 2.8pc An eighth day of gains just wasn't to be for the ASX, with the bourse stumbling to fall about a full percentage point today and all 11 sectors sinking into the red by close of play. A downward trend in oil prices over the last few weeks applied pressure to the Energy sector, which fell almost 3%, down 2.88% at market end. Still, the news wasn't all bad. For example, several small cap or uranium-focused stocks resisted the pull. AXP Energy (ASX:AXP) and Pancontinental Energy (ASX:PCL) both gained 50%, while Elevate Uranium (ASX:EL8) lifted 14.82% and hydrogen compression company Provaris Energy (ASX:PV1) jumped 9.09%. Of the larger stocks, only Ampol (ASX:ALD) managed to make any gains, up 0.84%. But Woodside Energy (ASX:WDS), Santos (ASX:STO) and Yancoal (ASX:YAL) all lost between 2.6% and 3.95%. Meanwhile despite a fall in the gold price last week, the ASX All Ord Gold index stood out in a sea of gloom, lifting 0.67%. Alongside Anax Metals (ASX:ANX), which we'll expand on in a moment, several other gold stocks made sizeable gains today, pushing against the rip currents of the market. Gold Road Resources (ASX:GOR) gained 9.43%, Sarama Resources (ASX:SRR) 21.43% and Koonenberry Gold (ASX:KNB) 18.42%. The big caps didn't entirely miss out, either. Northern Star (ASX:NST) gained 0.37% against a struggling resource sector, joined by Evolution Mining (ASX:EVN), up 2.14. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Description Last % Volume MktCap XPN Xpon Technologies 0.021 250% 70221284 $2,174,649 ANX Anax Metals Ltd 0.01 100% 51352795 $4,414,038 AFA ASF Group Limited 0.006 50% 94 $3,169,590 AXP AXP Energy Ltd 0.0015 50% 270000 $6,574,681 PCL Pancontinental Energ 0.012 50% 21351041 $65,092,687 RLL Rapid Lithium Ltd 0.003 50% 5264969 $2,489,889 KPO Kalina Power Limited 0.007 40% 2196679 $14,471,099 SPX Spenda Limited 0.007 40% 32569213 $23,076,077 GTE Great Western Exp. 0.019 36% 334054 $7,948,611 ADG Adelong Gold Limited 0.008 33% 22104925 $8,384,917 AUK Aumake Limited 0.004 33% 215727 $9,070,076 CT1 Constellation Tech 0.002 33% 553114 $2,212,101 KGD Kula Gold Limited 0.009 29% 474189 $6,448,776 EQX Equatorial Res Ltd 0.115 28% 165052 $11,830,082 OD6 Od6Metalsltd 0.028 27% 928833 $3,503,406 CTN Catalina Resources 0.0025 25% 213317 $3,327,519 HLX Helix Resources 0.0025 25% 2288887 $6,728,387 SPG Spc Global Holdings 0.39 24% 32806 $60,789,293 VR8 Vanadium Resources 0.016 23% 219603 $7,335,794 PUA Peak Minerals Ltd 0.011 22% 3899791 $25,265,892 SMP Smartpay Holdings 0.925 22% 533197 $183,877,033 SRR Saramaresourcesltd 0.034 21% 143164 $7,620,232 DAL Dalaroometalsltd 0.03 20% 1026086 $6,223,798 L1M Lightning Minerals 0.06 20% 119871 $5,166,416 CCO The Calmer Co Int 0.003 20% 737094 $6,694,362 Making news… Anax Metals (ASX:ANX) has just locked in a $3.3 million funding deal from a global player called Mineral Development Partners (MDP). MDP has agreed to tip in up to $103 million all up, backing Anax's push to bring the Whim Creek copper project in WA back to life, and turn it into a major base metals hub for the Pilbara. Anax says the backing is needed to fire up Whim Creek and grow into a serious copper and base metals contender. XPON Technologies (ASX:XPN) skyrocketed by 300% after snapping up Alpha Digital, a well-known Aussie digital marketing outfit and long-time partner of the business, in a deal set to wrap up in early May. The buyout is worth $1.72 million upfront, with a bit extra on the table if Alpha hits future earnings targets. Alpha pulled in $4.6 million in revenue last year and comes with around a million bucks in cash. The plan now is to plug in XPON's AI smarts to supercharge Alpha's offering, and roll out more tools to big-name clients like Target, Kmart and QUT. XPON reckons this could be the first of many in a repeatable 'acquire, AI-enable, cross-sell' strategy. SmartPay (ASX:SMP) shares jumped after it entered exclusive talks with a mystery buyer offering $NZ1.20 a share. It had been weighing up offers from that bidder and Tyro, but went with the first after a sweetened proposal landed in late April. Tyro's now out of the race, and Smartpay's got until June 9 to lock in a deal. ASX SMALL CAP LAGGARDS Today's worse performing small cap stocks: Code Name Price % Change Volume Market Cap TKL Traka Resources 0.001 -50% 231139 $4,251,580 88E 88 Energy Ltd 0.001 -33% 4682292 $43,400,718 VML Vital Metals Limited 0.002 -33% 17428432 $17,685,201 BGE Bridgesaaslimited 0.016 -30% 144030 $4,596,762 AN1 Anagenics Limited 0.006 -25% 4400838 $3,970,563 AON Apollo Minerals Ltd 0.012 -25% 12814623 $14,855,310 VEN Vintage Energy 0.003 -25% 285611 $7,155,687 BLU Blue Energy Limited 0.007 -22% 689075 $16,658,762 LYK Lykosmetalslimited 0.014 -22% 113420 $4,238,000 DTR Dateline Resources 0.021 -22% 1.2E+08 $74,670,353 C1X Cosmosexploration 0.067 -20% 85870 $8,691,195 HCF Hghighconviction 0.036 -20% 283510 $873,292 AVE Avecho Biotech Ltd 0.004 -20% 5116827 $15,867,318 CAV Carnavale Resources 0.004 -20% 444119 $20,451,092 RAS Ragusa Minerals Ltd 0.017 -19% 16281 $2,994,575 MQR Marquee Resource Ltd 0.009 -18% 50000 $5,340,285 PLY Playside Studios 0.135 -18% 2673921 $67,521,652 BRX Belararoxlimited 0.071 -18% 1188480 $13,539,184 NGS NGS Ltd 0.0225 -17% 380247 $3,658,036 EQS Equitystorygroupltd 0.025 -17% 420003 $5,004,612 HIQ Hitiq Limited 0.025 -17% 110034 $11,026,874 1AD Adalta Limited 0.005 -17% 1235809 $3,859,337 1AI Algorae Pharma 0.005 -17% 50357 $10,124,368 BPP Babylon Pump & Power 0.005 -17% 910000 $14,997,294 CHM Chimeric Therapeutic 0.005 -17% 1000001 $10,904,117 IN CASE YOU MISSED IT Decidr Ai Industries (ASX:DAI) has expanded its board in preparation for the next phase of commercial scaling and global expansion of its Agentic AI platform, selecting Gordon Starkey as chief revenue officer and Kael Hudson as head of partnerships. The two brings extensive sofrware-as-a-service and partner-led commercial strategy experience, with the appointments intended to 'reinforce Decidr's momentum following major wins across Australia and the US in healthcare, media, finance, education and energy'. Arovella Therapeutics (ASX:ALA) is moving to obtain two new licenses for novel chimeric antigen receptors (CARs) targeting solid tumours, including neuroblastoma and hepatocellular carcinoma. Both CARS have been studied in clinical trials, reducing the need for preclinical testing. A US$175,122 research rebate from the Canadian government has bolstered Recce Pharmaceuticals (ASX:RCE) funds, as the company works to develop a new class of synthetic anti-infectives to address the growing problem of antibiotic-resistant superbugs. Trading Halts At Stockhead, we tell it like it is. While DecidrAI, Arovella Therapeutics and Recce Pharmaceuticals are Stockhead advertisers, they did not sponsor this article.
