Continental Focus, International Reach

Cormorant Well to Spud in September

Monday, August 20, 2018

Namibia should see its next well spud offshore the country in the next month according to Pancontinental Oil & Gas, a JV partner on the PEL 37 area operated by Tullow Oil. According to the company, Tullow will spud the Cormorant well in September. The well, the company says, was ranked by Wood Mackenzie as one of the “World’s 20 most watched wells in 2018.”

The Cormorant Prospect has potential for 124 million barrels of recoverable oil and is one of four large prospects mapped in a cluster on 3D seismic, all within PEL 37 and with collective potential for 915 million barrels.

 

In addition to the Cormorant block, PEL 37, Pancontinental was awarded another block, PEL 87, in Namibia earlier this year. The company has 75% and operatorship in PEL 87. As with PEL 37, modern drilling in 2012 and 2014 respectively has proven thick oil prone and mature source rocks extending into the block. Oil majors Shell and Total have already farmed into acreage directly on trend with PEL 87. Pancontinental’s mapping in PEL 87 is already showing multiple leads each covering hundreds of sq km in an area with huge volumetric potential for oil.

 

As it did with PEL 37, Pancontinental, expects to attract strong partners into PEL 87 as its mapping and documentation of the scale of the oil potential advances.


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