Comorant-1 well indicative of oil
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Pancontinental Oil and Gas NL (ASX:PCL) has advised that the Cormorant-1 exploration well in PEL 37 offshore Namibia has reached a total measured depth of 3855 metres and is to be plugged and abandoned as a dry hole.
Management said that it had gained insightful understanding of the surrounding geology during the drilling process, and despite the well being a dry hole, wet gas signatures indicative of oil were first encountered in the overlying shale section and persisted throughout the target interval, indicating that there has been significant hydrocarbon generation in the area.
Also encouraging was the fact that the well was efficiently drilled by operator Tullow Oil, reaching total depth on September 21, 2018, materially quicker than anticipated.
The Early Cretaceous age Cormorant Submarine Fan target was encountered close to the predicted depth but no accumulated hydrocarbons were found.
Important geological data has been gained from this well, providing valuable insights into the prospectivity of the Aptian-Cenomanian turbidite fans that are still valid exploration plays with very large oil resource potential in Pancontinental’s acreage both in PEL 37 and, further south, in PEL 87 (Pancontinental 75%).
Information on potentially larger resources
Cormorant-1 is the first modern well to penetrate this stratigraphic section in PEL 37, (covering some 17,000 square kilometres), and the joint venture is in the early stages of analysing the results.
The analysis will assist the geological understanding, and the associated discovery probability, of other prospects and leads in PEL 37, some of which have significantly larger resource potential than Cormorant.
The well data supports the presence of at least one active source rock system, with encouraging implications for the range of play types mapped in the block, and in PEL 87.
Pancontinental Oil & Gas NL owns two thirds of Pancontinental Namibia Pty Ltd, which holds a 30% participating interest in PEL 37, giving it a 20% effective interest in PEL 37.
It’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
General Information Only
This material has been prepared by Jason Price. Jason Price is an authorised representative (AR 000296877) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C), and a Director of S3 Consortium Pty Ltd (trading as StocksDigital).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Jason Price, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, Jason Price, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
