Petroleum Africa
Find us on: 
Wednesday, November 29, 2017
Partners on PEL 37 offshore Namibia have determined the first prospect to be drilled and the targeted spud date of the well. According to Pancontinental Oil & Gas, the JV partners decided on the Cormorant Prospect, with a targeted spud date of September 1.
Cormorant drilling remains subject to Ministry endorsement and the grant of renewal for PEL 37 for the Second Renewal Exploration Period, although the operator Tullow Oil Namibia has already commenced drilling preparations.
Pancontinental estimates Cormorant has the potential to contain Prospective Resources of 124 million barrels of recoverable oil on an un-risked Best Estimate basis. The cumulative Best Estimate oil resource potential of the leading four mapped prospects in the block total 915 million barrels recoverable oil.
ONGC Videsh and Africa Energy Corp. have recently entered the project, strengthening the joint venture.
Commenting on the drilling news, Pancontinental CEO John Begg said: “This is an exciting time for Pancontinental. We now have confirmation of the much-anticipated drilling in Namibia. Currently we are also testing a potentially significant new gas discovery in California and we have commenced an appraisal well to evaluate another large gas discovery there. The Cormorant Prospect was unanimously selected by the PEL 37 Joint Venture as the first test of a series of large oil-prone prospects in PEL 37 that have been mapped by operator Tullow using high quality 3D seismic. These submarine fan plays are analogous to successful large, commercial oil finds elsewhere along the African coast, triggering ongoing interest in offshore Namibia from major oil companies and Africa specialist players. This is amply demonstrated by the entry since mid-2017 of ONGC Videsh into the PEL 37 joint venture, Africa Energy’s entry as a shareholder in Pancontinental Namibia and the farmin of French oil major Total into a block to the south.”
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
