All Eyes on Namibia as Cormorant Well Spuds

Wednesday, September 5, 2018

All eyes are on Namibia as Tullow Oil, Africa’s discovery magnet, spud the Cormorant-1 well on PEL 37 offshore the country. The Cormorant-1 is being drilled by the Ocean Rig Poseidonin 545 meters of water, to a total depth of 3,830 meters subsea.

The well will test the oil potential of a mid-Cretaceous marine turbidite ‘fan’ sandstone system. Drilling and evaluation of the well is expected to take about 34 days.

The industry is waiting to see if the luck and skill that Tullow has demonstrated in Kenya, Uganda, Ghana and elsewhere transfers to its operations in Namibia. In 2013, the Wingat-1 and Murombe-1 wells, directly south of PEL 37, confirmed high quality mature oil-prone source rocks in the Walvis Basin. The Cormorant Prospect, mapped using high-quality 3D seismic data, is one of four submarine fan prospects identified so far in the block and interpreted to be charged by the same source rocks.

The Cormorant Prospect has gross best estimate prospective recoverable resource potential of124 million barrels of oiland, if successful, would open a fairway of similar fans, potentially creating a substantial spread of resources across PEL 37. The total estimated oil potential of the four main Prospects mapped so far in PEL 37 is 915 million barrels of oil. Additional potential exists in large ‘Leads’ that have also been identified.

Pancontinental Oil & Gas holds two thirds of Pancontinental Namibia, which holds a 30% participating interest in PEL 37, giving it a 20% effective interest in PEL 37. Now that drilling has commenced, Pancontinental will receive cash of $5.5 million from Africa Energy Corp.

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