According to Africa Energy, the vessel has been sailing to Walvis Bay and is due to spud the well in the PEL 37 license on Sept. 1. The company has an effective 10% interest in the license via its shares in a subsidiary of Pancontinental Oil & Gas.
Namibia’s Ministry of Mines and Energy has also approved the partners’ application for the license to enter its second renewal period.
Jan Maier, Africa Energy’s VP Exploration, said: “ExxonMobil’s recent entry into a block adjoining PEL 37 confirms our positive view of the geology in this region.”
The license covers 17,295 sq km (6,677 sq mi) in the northern Namibian offshore region. Cormorant is in a water depth of around 550 m (1,804 ft), with a series of base-of-slope turbidite fan prospects thought to hold significant resources.
These fans are in close vertical proximity to a mature oil-prone source rock of Aptian age proven by the nearby Murombe-1 and Wingat-1 wells, with the latter recovering
Other partners in PEL 37 are ONGC Videsh Vankorneft and Paragon Oil & Gas.