The two companies have sanctioned a 60-day exclusivity period to cover formalization of a sale and purchase agreement, due diligence, Tullow’s board approval, and government and partner approvals.
On completion, Calima will receive $2 million.
The company’s managing director Alan Stein said: “The Namibian block is a world-class exploration play with extraordinary upside, but it will require considerable investment and time to reach the point of exploration drilling.”
Block 2813B covers 5,433 sq km (2,097 sq mi) in the Orange River basin. During the initial term, Calima committed to acquire seismic data and undertake a detailed review of prospectivity.