Pancontinental Energy NL has provided an update on its PEL 87 project in the Orange Basin offshore Namibia, revealing fresh estimates of prospective petroleum resources based on newly incorporated seismic quantitative interpretation results. The revised data indicate that the Oryx prospect now offers an attractive oil potential, with the Best Case (2U) estimate reaching 815 million barrels recoverable net to the company and the High Case (3U) estimate increasing to approximately 1,873 million barrels. Notably, the Geological Chance of Success for Oryx has been raised to 26.2%, up from a previous estimate of 22.5%, driven by indications of a higher net-to-gross reservoir system than earlier assessed. The announcement details how the integration of seismic data has led to the consolidation of previously identified leads—Calypso and Addax Channel—into the single Oryx target, which is now expected to be tested by one exploration well across three discrete intervals. In addition to the Oryx prospect, the ongoing quantitative interpretation screening has identified additional prospectivity at the Phoebe West lead, with further details to emerge. Revised estimates for other leads such as Hyrax, Xerux, Oryx North, Addax Fan, and Addax South have also been provided, including figures for Original Oil in Place and prospective resources on both a 100% gross and a 75% net basis, underlining the overall potential within the license area of 10,970 km². The technical team’s progress, as reiterated by the CEO, is underscored by improved resource estimates and a more focused drilling plan, which now involves an exploration period that began on 23 January 2024 and will conclude on 22 January 2026. Under the terms of the PEL 87 permit, there remains a commitment to drill at least one exploratory well or acquire substantial seismic data, a pathway that reflects both the promise and inherent uncertainties of early-stage exploration. The development carries a bullish appeal for investors, with the enhanced resource figures and increased Geological Chance of Success suggesting a stronger prospect for future hydrocarbon discovery and potential production. The consolidation of multiple targets into a single well test, together with promising seismic trends, signals technical progress worth monitoring closely. However, a bearish perspective remains warranted due to the inherent risks associated with prospective resources, which still require further exploration, appraisal, and drilling to fully confirm recoverability and to address developmental uncertainties.