(offshore-energy.biz) Australia-based petroleum exploration company Pancontinental Energy has revealed the results of two studies exploring hydrocarbon properties of a petroleum exploration license (PEL) it operates in the Orange Basin, offshore Namibia.
The Australian player said the new evidence provides increased confidence for the presence of a high net-to-gross reservoir system and the presence of hydrocarbons within PEL 87.
Pancontinental Energy’s Chief Executive Officer (CEO), Iain Smith, said: “We are pleased to have progressed these two key studies, which confirm that the Saturn Complex is particularly well placed to receive oil charge into reservoir systems that exhibit potential for high net-to-gross sandstone units and good indications for the presence of hydrocarbons. Additional QI screening studies are being progressed, as are revisions to Pancontinental’s estimates of prospective resources and geological risking, targeting late July.”
The Australian player has completed a basin modelling study, the purpose of which was to analyze the formation and structural evolution of the Orange Basin close to PEL 87 and predict the location where hydrocarbons are found.
According to the study, the ubiquitous Barremian-Aptian aged Kudu Shale formation is widely recognized as the primary source of hydrocarbons for the major light oil discoveries to the south of PEL 87.
Read full article: https://www.offshore-energy.biz/new-studies-enhance-outlook-for-orange-basin-exploration-block/
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