Australian company starts 3D seismic survey offshore Namibia

ASX-listed Pancontinental Energy announced on March 6 the start of an extensive 3D seismic survey of the Saturn turbite complex in the Orange River Basin offshore Namibia.

Under the prospective exploration licence 87, the Saturn turbite complex covers 10,970 sq. km and is on-trend to recent major oil discoveries in Total's Venus-1, Shell's Graff-1 and La Rona-1, and the recent Jonker-1 discovery. 

Pancontinental owns 75% of prospective exploration licence 87, Custos Investments (15%) and Namcor (10%). 

The Saturn turbite complex may host numerous large internal hydrocarbon traps, some of which have already been mapped on 2D seismic. 

In 2018, Pancontinental reported that an independent assessment had concluded that the Saturn turbite complex has multi-billion-barrel potential. 

The survey, about 150km offshore, will take approximately three months to complete and cover 6,800 sq. km of the Saturn Complex and its margins. 

The 3D results are expected around end-June this year, and the fully processed result will follow.

Woodside Energy Inc has agreed to fully fund and advise on the seismic acquisition in exchange for a future election to enter prospective exploration licence 87.

Pancontinental said marine mammal procedures are in place, and specialist observers will accompany the survey. 

Pancontinental's Director Mr Barry Rushworth said the commencement of the Saturn 3D seismic survey is the culmination of many months of negotiations and extensive and detailed documentation between Woodside and Pancontinental.

Rushworth also said the process involved joint venture partners in the application for various government and partner approvals, environmental clearance, the agreement on survey location and acquisition parameters, and contracts with Norwegian company PGS who will carry out the survey. 

Pancontinental first mapped the Saturn Turbidite Complex with a core area of about 2,400 sq km and an overall area of approximately 4,000 sq. km. 

Rushworth said Saturn had been independently assessed to have multi-billion-barrel potential, as first reported by Pancontinental in September 2018. 

There have been a number of high-profile oil discoveries by Shell and Total on-trend to PEL 87, and multi-well drilling recently re-started with another discovery in Shell's Jonker-1. 

Total is reported to be bringing in two deep-water rigs for drilling on and nearby Venus. 

"Pancontinental's PEL 87 and Saturn play has very high potential, with contiguous geology to the Shell and Total discoveries. Saturn is similar to Total's huge Venus oil discovery. 

"They are interpreted to have the same aged reservoir rocks, similar depositional character, the same mature oil source rocks, and the same regional sealing rocks at about the same depth below the sea floor. PEL 87 and Saturn need further exploration, including drilling, to prove commercial viability," Rushworth said. 

 

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