About the Permit
Wittmeier holds a carried interest in the PEL 87 license (Block 2713) which is located offshore in the Orange Basin and to the northwest of the Kudu Gas Field.
Seismic conducted covers more than 1,400 km of 3D and regional grid of 2D seismic ties to other blocks and key wells. The Moosehead-1 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 sq km and has significant oil potential. The Aptian/Albian age fan rests directly on top of source rocks and contains several sand members within the 280m gross section.
- Venus-1 and Graff-1 are on-trend and about 130 Km south of Pancontinental’s PEL 87 area.
- On-trend, the very large Saturn turbidite complex in PEL 87 has geologically similar to Total’s Venus Prospect.
- Venus and Saturn overlie the same high-quality mature Oil Source Rock, and both lie immediately below the major Regional Seal.
- The Maersk Voyager drillship has commenced Venus drilling in 3,000m of water.
- Shell Exploration & Production drilled the Graff-1 well with the drillship Ensco DS-10. Graff-1 well tested a stratigraphically younger target than Venus and Saturn structures.
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.
- The Saturn Floor Fan (2,400 km2) located on Block has estimated recoverable reserves of >829 MMBO.
- Saturn Fan 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 is expected to exercise it’s option to farmin to PEL 87 and fund the drilling of an exploration well in Q2-2024.
| Partners | Participation Interest |
|---|---|
| Woodside | 56% (Optioned) |
| Pancontinental | 19% |
| Inter Oil (Pty) Ltd.* | 15% |
| NAMCOR | 10% |
* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resulting in an effective interest to Wittmeier Oil & Gas Engineering in PEL 87 of 7.5% carried interest.
PEL 87 Snapshot
| Location | Orange Basin |
| Area | 10,947 km2 |
| Water Depth | 420m – 3200m |
| Grant Date | 23-Jan-18 |
| Licence Term | 4 years + 2 renewal terms of 2 years |
| 2D Seismic | 2100 km |
| 3D Seismic | 7993 km2 |
| Nearby Wells | Mopane-2X (Galp 2024) Mopane-1X (Galp 2024) Moosehead-1 (HRT 2014) Kabeljou-1 (2012) |