Pancontinental Energy (ASX:PCL) secured approval for the Seismic License related to its Petroleum Exploration License (PEL) 87 project in Orange Basin, offshore Namibia, according to a Thursday filing with the Australian bourse.
The Seismic License grants energy company Woodside Energy (ASX:WDS) ongoing rights to the PEL 87 3D seismic data that Woodside funded for acquisition and processing, the filing said.
The License was approved by the Namibian authorities and was delivered to Woodside.
The long stop date by which Woodside may exercise its option to farm in PEL 87 is May 18, 2025, the filing added.
Pancontinental's PEL 87 Joint Venture participants include Pancontinental Orange with a 75% interest, Custos Investments holding a 15% interest, and the National Petroleum Corporation of Namibia (NAMCOR) with a 10% interest.
The company's shares surged 21% in recent Friday trade.
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