Oil exploration company Pancontinental Energy halted trading of its shares on the Australian stock exchange on Tuesday as the market anticipates an announcement of a new partner to work with Pancontinental in Namibia.
Pancontinental has for several years been searching for a farm-in partner to fund continued exploration and drilling in oil block 2 713. In 2023, it entered into an agreement with Australian Woodside Energy, giving Woodside the option to acquire a 56% participating interest in the licence.
Woodside decided not to exercise its option in May 2025, which led Pancontinental to search for new partners.
The announcement of a new partner is expected on or before 19 March.
Pancontinental also announced that it has received approval from the Ministry of Industries, Mines and Energy to extend its petroleum exploration licence (PEL) in the Orange basin.
Pancontinental yesterday said its PEL 87 has been extended to January 2027.
“We are pleased to have now confirmed ongoing tenure for PEL 87, which allows us to continue to focus on securing a farm-in partner in order to progress the project through to drilling at the earliest opportunity,” Pancontinental Energy chief executive Iain Smith says.
Pancontinental Energy NL operates in Namibia through its subsidiary Pancontinental Orange.
The company currently holds a 75% stake in the licence, while the National Petroleum Corporation of Namibia holds 10%, and Namibian businessman Knowledge Katti’s Custos Investments holds the remaining 15%.
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