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Pancontinental Energy NL (ASX:PCL)

ALERT: Price-sensitive ASX Announcement for PCL
Current share price for PCL : $0.009 0 (5.88%)+
Announcement
Release
18 Mar 2026 9:43AM
Price at Release
$0.009
Full Release
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Summary
Pancontinental Energy NL has announced the extension of its PEL 87 project in offshore Namibia. The extension, approved by the Namibian Ministry of Industry, Mines and Energy, prolongs the First Renewal Exploration Period by twelve months to January 22, 2027. This decision requires Pancontinental to fulfill specific work commitments, including an Environmental Impact Assessment, reprocessing of 3D seismic data, and drilling an exploration well. The extension aims to secure a partner for the venture and advance to the drilling phase. PEL 87 covers 10,970 km² in the Orange Basin and is strategically located near significant hydrocarbon discoveries. Pancontinental Orange Pty Ltd, a wholly owned subsidiary, holds a 75% interest, with Custos Investments and NAMCOR holding 15% and 10% respectively.
Key Points
  • PEL 87 extension approved by Namibian Ministry
  • First Renewal Exploration Period extended to January 22, 2027
  • Work commitments include Environmental Impact Assessment, seismic data reprocessing, and drilling
  • Pancontinental aims to secure a partner for drilling phase
  • PEL 87 located in the Orange Basin, covers 10,970 km²
  • Pancontinental Orange Pty Ltd holds 75% interest
  • Custos Investments holds 15%, NAMCOR holds 10%
  • Strategic location near significant hydrocarbon discoveries
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.