Continental Focus, International Reach

Ocean Rig Poseidon Tagged for Namibian Drilling

Sunday, March 11, 2018

A rig has been contracted to drill offshore Namibia on PEL 37 in Namibia, according to Pancontinental Oil & Gas. The company said the JV partners have contracted the Ocean Rig Poseidon to drill the Cormorant-1 exploration well.

In order to drill the well the JV was required to apply to the Ministry of Mines and Energy in Namibia for permission to enter the next phase of the license, the Second Renewal Exploration Period. Permission has been granted and drilling preparations are well underway.

Pursuant to the farmout by Pancontinental to operator Tullow Oil in 2013, the company will now be fully carried through the cost of drilling the Cormorant-1 well. It holds its interest via its 66.7% owned subsidiary Pancontinental Namibia Pty Ltd. (PCN) that has a 30% interest in PEL 37. Pancontinental will also be paid at spud of the well circa AUD$7 million by Africa Energy Corp. as completion of its acquisition of a 33.3% interest in PCN.

Commenting on the execution of the rig contract, Pancontinental CEO John Begg said: “This is a significant and very satisfying milestone for Pancontinental. First the joint venture unanimously selected the Cormorant Oil Prospect to drill, then the Namibian Government approved the program and now a high technology drill ship has been contracted for the job. Roll on September.”


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