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Monday, April 14, 2014
Pancontinental Oil & Gas reported that an extensive 3D seismic survey has been completed within its highly prospective offshore acreage in license area EL 0037 offshore Namibia, operated by Tullow Oil. The 3D acquisition of approximately 3,000 sq km covers a number of strong ‘leads’ that have already been mapped on existing 2D seismic data. A second 2D acquisition phase will cover about 1,000 km.
The survey is designed to prove-up a number of prospects for drilling.
The 3D survey in EL0037 was managed by the Tullow using the seismic acquisition vessel Polarcus Asima. Results of the 3D data will now be processed, with final results expected in about five months. Fast-track processed 3D data are expected within approximately ten weeks, enabling mapping of the prospects to commence.
Tullow farmed-in to EL 0037 in September 2013 and subsequently identified a number of geological leads for coverage by the 3D survey. Through the farm in Pancontinental retained a 30% free-carried interest through the surveys and one optional well to be drilled by Tullow.
The partners have now commenced the acquisition of the 2D phase of the 1,000 line km seismic survey on the acreage. It is estimated that it will take about two weeks to complete.
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