Drilling of the first exploration well on Namibia’s PEL 37 has delayed, since Tullow Oil announced that further work is needed to identify a drillable prospect, Petroleum Africa reported.
As informed on Energy-pedia, in September 2013, Tullow Kudu (now Tullow Namibia) and Pancontinental Namibia signed a farm-out agreement stating that the drilling of the first exploration well was to start by no later than 27 March 2017, once a drillable prospect had been identified from the 2D and 3D seismic surveys.
Although Pancontinental recognize that a drillable prospect was identified within PEL-37, Tullow thinks that further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Pancontinental is waiting for an update from Tullow on the current status of the ongoing work and will report on that update when it is received.
Under the terms of the agreement, Tullow has been assigned a 65% interest in PEL 37 while Pancontinental will retain a free-carried 30% interest out of its previous 95% interest.
