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Tuesday, December 5, 2017
Pancontinental Oil & Gas signed a Petroleum Agreement with the Ministry of Mines and Energy and Namibian partners for Block 2713 offshore Namibia. The company will be the operator with a 75% interest in the block.
Block 2713 is a large, 10,947 sq km area on trend where industry giants Shell, GALP and Total have acquired interests. The block has an initial period of four yearsand Pancontinental said it has an innovative exploration program planned.
In PEL 37, the company’s first Namibian project that is operated by Tullow Oil, the JV has recently approved drilling of the Cormorant Prospect in 2018. Pancontinental will have an effective free carried 20% interest through the well.
Commenting on the new opportunity, Pancontinental CEO John Begg said:“We are delighted that the Ministry has granted Pancontinental this new area. We believe that offshore Namibia is one of a select few areas around the world with the potential for large oil discoveries in modest to deep water that can be profitable at prevailing oil prices, and highly profitable at better prices. It is clear from recent activity that some of the world’s pre-eminent oil companies agree with us.
“Namibia offers a stable, pragmatic and complementary fiscal regime with the potential for large oil traps and high quality reservoirs. Our mapping already shows leads in play trends with very large oil volume potential. So we have taken a majority, 75% operated position in the new project with cost exposure within our capabilities. Further, we plan to apply our proven skills to bring the oil potential of this project into an up-to-date context that is attractive to wider industry investment.
“The new license complements our existing strong position in PEL 37 in Namibia that is operated by Tullow and where ONGC Videsh and African Energy Corp. have also recently invested with us. The PEL 37 joint venture has committed to drill a well in PEL 37 timed for Q3 next year.”
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