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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.