Pancontinental Announces Highly Anticipated Spud of Cormorant-1 Well Approaching | Finance News Network

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Pancontinental Announces Highly Anticipated Spud of Cormorant-1 Well Approaching

Pancontinental, Tullow Oil, ONGC Videsh, Paragon and Namibian Ministry visit drill ship in Namibia ahead of drilling

- Members of the Ministry of Mines and Energy of Namibia and Company representatives of the PEL 37 JV made a site visit to the Ocean Rig Poseidon, currently in the port of Walvis Bay, Namibia.

- Cormorant-1 drilling is on track for September 2018.

- Pancontinental will be carried for its 20% interest and upon spud will receive AU $7.3 million from Africa Energy Corp.

- Pancontinental estimates that Cormorant-1 has the potential to contain Prospective Resources of 124 MMbbl* of recoverable oil on an un-risked Best Estimate basis.

- Multiple follow-up opportunities already identified after Cormorant.


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