Tullow negotiating entry to offshore Namibia license

Block 2813B offshore Namibia
Block 2813B offshore Namibia
Calima Energy

Offshore staff

PERTH, AustraliaCalima Energy has an agreement to sell its interest in the PEL 90 license (block 2813B) offshore Namibia to Tullow Oil.

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.

05/23/2019

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