Pancontinental Energy (ASX:PCL) said its wholly-owned unit, Pancontinental Orange, received notification from the Namibian Ministry of Industry, Mines and Energy approving its application to extend the current first renewal exploration period for the Petroleum Exploration License 87 project by twelve months, to Jan. 22, 2027, according to a Wednesday Australian bourse filing.

This approval was granted on the condition that an environmental impact assessment, the reprocessing of 3D seismic data and seismic interpretation, and the drilling of an exploration well would be carried out during the extension period.

It will now submit a deed of amendment to the PEL 87 Petroleum Agreement for approval by the ministry.

Its shares jumped 11% in recent trading on Wednesday.