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In the recent examination of oil project PEL 87, Pancontinental Oil & Gas NL discovered âworld class oil resourcesâ lying just under its nose in Orange Basin, offshore Namibia.
The discovery underscores the humongous oil trap âSaturn Superfanâ that has the âBillion Barrel Oil Potentialâ offshore Namibia.
Saturn Superfan is positioned as a global-scale project and lies immediately on top of oil-mature and rich oil source shales in Pancontinentalâs 75% owned Namibia PEL 87. It covers the area of 2,400 square kilometer spread across the bed of mature oil source rocks.
It is interpreted to contain prospective oil resources with the number of individual leads. Although the estimates indicate the Saturnâs potential to be one vast, single, oil trap, the company waits to determine its oil potential until the drilling is undertaken.
Pancontinentalâs another significant project in Africa includes Namibia PEL 37 in Walvis Basin. After the completion of Cormorant-1 well drilling in September 2018, the company is currently engaging into the exploration of prospective oil areas in PEL 37. The company told that Albatross and other major Turbidite Prospects are closer to the oil source rocks than Cormorant. Further, it plans to undertake next level of exploration at joint venture PEL 37.
During the year, Pancontinental participated in the Dempsey and Tulainyo Drilling projects in the USA. These projects were the part of the asset package that the company has acquired with the takeover of Bombora Natural Energy in 2017. But during the same year, the company disposed off Bombora and its USA projects.
However, it still retains the conventional Walyering Gas Field project in the Perth Basin that it acquired from Bombora. For this Walyering gas field project in Australia, the company aims to Secure opportunities in more mature commercial environments and establish a âBase Loadâ revenue stream.
Pancontinental Oil & Gas NL (ASX:PCL) is a penny stock with a market capitalization of $10.81 million. In todayâs trading session, 30 November 2018, the stock surged 50% to last trade at $0.003. Looking to the historical performance of the stock, we can see the plunge of 37.50% in the stock price of PCL, which has gone worse in the last three months outlining the negative performance change of 77.27%.
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