Pancontinental Energy (ASX:PCL) said its subsidiary, Pancontinental Orange, received a notification from Woodside Energy Group's (ASX:WDS) unit Woodside Energy (GOM) Inc., elected not to exercise its option to farm into the PEL87 oil project, offshore Namibia, according to a Wednesday Australian bourse filing.
It said that it is in the process of securing an alternate farm-in partner to fund exploration drilling within the project at the earliest opportunity. It has received third-party interest, per the filing.
Pancontinental Orange currently owns 75% of the project and is the operator, while Custos Investments (Pty) owns a 15% interest and the National Petroleum Corp. of Namibia has a 10% stake.
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