Tullow set to operate offshore Namibia license

Tullow Kudu has agreed to farm into license EL 0037 offshore Namibia.

Offshore Namibia
Offshore Namibia

Offshore staff

PERTH, Australia – Tullow Kudu has agreed to farm into license EL 0037 offshore Namibia.

Subject to Ministerial approval, Tullow will be assigned a 65% operating interest while existing partner Pancontinental will retain a free-carried 30% interest. The same applies to Paragon Oil & Gas, which will retain a 5% stake.

Tullow will manage an extensive program of2D and 3D seismic acquisition which could lead to drilling of an exploration well. Cost of the farm-in could be up to $130 million, according to Pancontinental.

Depending on the availability of a seismic vessel, the 3D survey could start early next year.

10/10/2013

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