Pancontinental Announces PEL 37 Joint Venture Votes to Drill Offshore Namibia | Finance News Network

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Pancontinental Announces PEL 37 Joint Venture Votes to Drill Offshore Namibia

- The PEL 37 Joint Venture has voted to drill the Cormorant Prospect offshore Namibia, with a targeted spud date of 1 September, 2018.

- Pancontinental will have an effective 20% carried interest uncapped through the cost of drilling the well.

- Cormorant drilling remains subject to Ministry endorsement and the grant of renewal of PEL 37 for the Second Renewal Exploration Period.

- Operator Tullow has already commenced drilling preparations.

- Pancontinental estimates Cormorant has the potential to contain Prospective Resources of 124 MmBbls* 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 MmBbls recoverable oil*.

- ONGC Videsh and Africa Energy Corp. have recently entered the project, strengthening the joint venture.


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