Tullow, Pancontinental to Drill Namibia

Tullow Oil and partner Pancontinental Oil & Gas will drill the Cormorant-1 well on the PEL 37 license offshore Namibia in September.

According to Oil Review Africa, Pancontinental said the well would be drilled by the drillship Ocean Rig Poseidon at a water depth of 545 meters, and is expected to take 34 days to reach total depth.

CEO of Pancontinental John Begg stated “this will be one of the most-watched offshore wells anywhere in the world this year. It has been highly anticipated for a number of years by the company and our shareholders. We are obviously keen for the well to commence as the first test of the giant-scale oil potential within the block.”
“We are obviously keen for the well to commence as the first test of the giant– scale oil potential within the Block. No doubt ExxonMobil, who recently farmed into the immediately adjacent acreage, will be watching closely for the outcome.”

At the time of drilling Pancontinental holds a 30 percent interest, while Tullow Namibia holds 35 percent, ONGC Videsh 30 percent and Paragon Oil & Gas 5 percent.

According to reports Pancontinental will boost its cash reserves by $5.5 million, with a second stage payment from Africa Oil Corp. due upon spudding the well. Tullow Namibia – a subsidiary of Tullow Oil – is the operator.