• Pancontinental Energy extends its PEL 87 offshore permit in Namibia by 12 months, valid until January 2027.

• The company must complete an environmental impact assessment, reprocess 3D seismic data, and drill an exploration well.

• Pancontinental aims to attract a partner to advance the project, following Woodside Energy’s withdrawal in March 2025.

Pancontinental Energy, holding a 75% stake in Namibia’s PEL 87 offshore permit in partnership with Custos Investments (15%) and NAMCOR (10%), secured a 12-month extension, the company announced to the Australian Securities Exchange (ASX) on March 18.

The extension prolongs the validity of the 10,970 km² permit in the Orange Basin until January 2027. Pancontinental intends to continue project activities, including completing an environmental impact assessment, reprocessing and interpreting available 3D seismic data, and drilling an exploration well during the period.

“This decision allows the company to focus on finding a partner to conclude a farm-in agreement and advance the project to drilling as quickly as possible,” said Iain Smith, Pancontinental’s CEO.

Attracting an investor remains the key objective of the permit extension. Previous efforts to secure a partner did not succeed. Negotiations with Woodside Energy, which could have acquired up to 56% of the permit, fell through in March 2025, and no new industrial partnership has been announced since.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange J.A de Berry Quenum