Pancontinental Energy seeks 12-month extension for Namibian offshore oil exploration license

Pancontinental Energy NL, an Australia-listed company, has applied for a 12-month extension for its PEL 87 license offshore Namibia. The current license period for the exploration block has ended. Pancontinental Orange Pty Ltd, a wholly owned subsidiary acting for the PEL 87 joint venture partners, submitted the extension application to the Ministry of Industries, Mines and Energy on October 6 of last year. The company has not yet received formal notification from the ministry regarding the application, nor has it been asked for additional information. The first renewal exploration period for PEL 87 expired on January 22. Pancontinental is in communication with the ministry and will issue an announcement upon receiving formal notification. The company stated that under the Petroleum Act, an exploration license does not expire while the ministry is considering a renewal application, a situation not explicitly addressed in the Petroleum Act or the PEL 87 petroleum agreement. Pancontinental Orange Pty Ltd operates PEL 87 with a 75% interest in the joint venture, while Custos Investments holds 15%, and the National Petroleum Corporation of Namibia holds the remaining 10%.