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Monday, October 29, 2018
Tullow Oil is pulling out of Namibia’s PEL 30 according to one of the Irish independent’s partners on the acreage, Eco Atlantic. Upon its withdrawal Tullow transferred its 25% stake in PEL 30 to Eco Atlantic. The other licensees are Azinam 32.5% and Namcor 10%.
Eco indicated that Tullow had chosen not to renew its interest in the second exploration phase of the block that begins in Q1 2019.
Colin Kinley, COO at Eco Atlantic said the company has already started negotiations with potential partners for the takeover of these shares as many parties are currently looking for new opportunities in the Walvis Basin. However, that interest could wane given that two dusters have been drilled recently. Tullow failed to achieve success with its Cormorant-1 well and Prospect S gave less than stellar results when drilled by Chariot Oil & Gas.
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