Petroleum Africa
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Monday, February 16, 2015
Tullow Oil, formerly one of the partners in the Kudu Gas Project until it transferred its stake to Namibia’s state-run oil and gas firm Namcor, will provide technical assistance to Namcor as the state firm takes over operatorship of the project.
Tullow announced in December that it was transferring the stake based on its ranking on the firm’s capital allocation line up.
While the company may have gave up on the Kudu Gas Project it has not given up on Namibia, completing a farm-in agreement for exploration license PEL 0030 in October with ECO Atlantic. Tullow’s interest in PEL 0030 is 25% during the seismic phase but can increase to 40% with operatorship, if a prospect is selected for drilling.
Tullow said that the PEL 0030 farm in was part of acreage positioning to target an extension of a material oil play in moderate water depths that was previously identified in PEL 0037. In November 2014, acquisition of a 3D seismic survey in PEL-0030 was completed and processing of the seismic survey acquired earlier in the year across PEL-0037 was finalized. Tullow entered PEL 0037 in September 2013 and is partnered with Pancontinental Oil & Gas and Paragon Holdings Ltd.
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