Pancontinental Energy NL has applied for a 12-month extension of its PEL 87 licence offshore Namibia as its current licence period has come to an end.
The Australia-listed company says its wholly owned subsidiary, Pancontinental Orange Pty Ltd, acting on behalf of the PEL 87 joint venture partners, submitted the extension application to the Ministry of Industries, Mines and Energy on 6 October last year.
Pancontinental says it has not yet received formal notification from the ministry, nor has it been asked to provide additional information.
The first renewal exploration period expired on 22 January.
“The company is liaising with the ministry and will provide a further announcement as soon as formal notification is received,” Pancontinental says.
While neither the Petroleum Act nor the PEL 87 petroleum agreement explicitly addresses this situation, the company says under the act an exploration licence does not expire while the ministry considers a renewal application.
PEL 87 is operated by Pancontinental Orange Pty Ltd, which holds a 75% interest in the joint venture.
Custos Investments owns 15%, while the National Petroleum Corporation of Namibia holds the remaining 10%.
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