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Pancontinental Awarded Block 2713, Offshore Namibia

Source: www.gulfoilandgas.com 12/4/2017, Location: Africa

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Pancontinental has signed a Petroleum Agreement with the Ministry of Mines and Energy of Namibia (Ministry) and Namibian partners for Block 2713 offshore Namibia.

- Pancontinental is the project Operator, with a 75% interest. Block 2713 is a large, 10,947 km² area on trend where industry giants Shell, GALP (Portugal) and Total (in 2017) have acquired interests. It is Pancontinental’s second Block award offshore Namibia.
- The Company has already mapped a number of leads with very large oil volume potential.
- The Block has an initial period of 4 years, and an innovative exploration program is planned.

- The Petroleum Agreement is subject to standard fiscal terms in Namibia that are considered excellent by world standards.
- In PEL 37, the Company’s first Namibian project that is operated by Tullow Oil, the joint venture has recently approved drilling of the Cormorant Prospect in 2018. Pancontinental will have an effective free carried 20% interest through the well.

Commenting on the new opportunity, Pancontinental CEO John Begg said:

“We are delighted that the Ministry has granted Pancontinental this new area. We believe that offshore Namibia is one of a select few areas around the world with the potential for large oil discoveries in modest to deep water that can be profitable at prevailing oil prices, and highly profitable at better prices. It is clear from recent activity that some of the world’s pre-eminent oil companies agree with us.

Namibia offers a stable, pragmatic and complementary fiscal regime with the potential for large oil traps and high quality reservoirs. Our mapping already shows leads in play trends with very large oil volume potential. So we have taken a majority, 75% operated position in the new project with cost exposure within our capabilities. Further, we plan to apply our proven skills to bring the oil potential of this project into an up-to-date context that is attractive to wider industry investment.

The new Licence complements our existing strong position in PEL 37 in Namibia that is operated by Tullow and where ONGC Videsh and African Energy Corp have also recently invested with us. The PEL 37 joint venture has committed to drill a well in PEL 37 timed for Q3 next year”.



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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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