Highlights
- 3D Seismic covers more than 1,400 km and regional 2D seismic ties to other blocks and key wells.
- Moosehead well (HRT 2013) in southeast part of block demonstrates thick shale and seal section.
- Saturn Floor Fan (2,400 km2) has similar geology to the Venus Super fan discovery by Total Energies.
- Block was optioned by Woodside in March 2023 who completed a 6,593 km2 3D seismic survey in June 2023.
- Woodside’s elected not to exercise it’s option to farm-in, a process is underway to secure an alternate farm-in partner to fund exploration drilling.
| Partners | Participation Interest |
|---|---|
| Pancontinental | 75% |
| Custos | 15% |
| NAMCOR | 10% |
* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resukting in an effective interest to Sintana
PEL 87 Snapshot
| Location | Orange Basin |
| Area | 10,947 km2 |
| Ownership | Pancontinental – 75%; Custos – 15%; Namcor – 10% |
| Operator | Pancontinental |
| Carry | Carried through FID |
| Key Attributes | -Contains one of the largest hydrocarbon complexes in Africa, comparable in setting to Venus and Mopane, with multiple stacked, high-quality reservoir targets -In mid-2023 the operator completed a 6,593 km² 3D seismic survey at an estimated cost of US$35 million -confirmed a large (2,400 km²) Aptian/Albian age fan above the Barremian-Aptian source rock (Kudu Shale) which contains several reservoir sands with thickness generally between 200 to 300m -Current focus is on two primary exploration leads within the Saturn Complex |
| Stage | Exploration |
| Next Steps | Process is underway by operator to renew the licence and to secure a farm-in partner to fund exploration drilling – multiple prospects/leads will be targeted by a single well |
PEL 87 – About the Permit
Sintana holds an indirect and carried interest in PEL 87 (Block 2713) offshore Namibia, and to the northwest of the Kudu Gas Field.
Seismic data covers more than 1,400 km2 of 3D and regional grid of 2D seismic ties to other blocks and key wells. The Moosehead-1 well drilled by HRT in 2013 encountered a thick Barremian carbonates source rock section and thick shale seal section, but lacked maturity and porosity at well location. PEL 87 contains the Saturn turbidite complex that spans more than 2,400 km2 and has significant oil potential. The Aptian/Albian age fan rests directly on top of source rocks and contains several sands within the 280m gross section.
In March 2023, Woodside entered into an option agreement to acquire a 56% participating interest in PEL 87, in consideration for which it agreed to fund the full costs of a 3D seismic acquisition campaign. A 6,593 km2 3D seismic acquisition programme over and around PEL 87 was completed in May 2023 at a cost of US$40 million, the costs of which were fully born by Woodside. In March 2025 Woodside decided not to exercise its option, and as a result Pancontinental, the operator of the block, is currently engaged in a process to secure an alternate partner for PEL 87 with equivalent carry rights for Sintana.
