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TULLOW OIL SPUDS CORMORANT-1 IN WALVIS BASIN OFFSHORE NAMIBIA

Pan Continental Oil & Gas advised that London based operator Tullow Oil has spudded the Cormorant-1 exploration well in the Walvis Basin offshore Namibia. The well located in PEL 37 is targeting resources of 125mmbbls in a basin slope Cenomanian Cretaceous fan covering 120km2. The well is drilled by the drillship Ocean Rig Poseidon in a water depth of 545 metre and is expected to take 34 days to reach its final depth.
In 2013, the Wingat-1 and Murombe-1 wells, directly south of PEL 37, confirmed high quality Namibia is under-explored with only seven onshore and fourteen offshore wells drilled over a coast line of some 1,300 km.
Offshore Namibia is part of the plate tectonic conjugate of offshore Brazil, where world-scale oil and gas discoveries have been made in recent years and it lies on the West African continental margin adjacent to Angola, where there have also been many major oil discoveries.
The participants in Cormorant-1 are: Tullow Namibia (Operator) 35.00%; Pancontinental Namibia 30.00%; ONGC Videsh 30.00%; Paragon Oil & Gas 5.00%. (Source: Pancontinental – Image: Ocean Rig Poseidon offshore Tanzania/Ocean Rig)