Oil and gas company Tullow Oil has received a one-year extension for the Second Renewal Exploration Period on PEL 37 license, located offshore Namibia.
Africa Energy, Tullow’s partner in the license, said in an operational update on Monday that the second renewal exploration period for PEL 37 was extended until March 21, 2021.
The company added that several operators in Namibia were planning nearby exploration wells this year which could de-risk PEL 37 prospects.
The PEL 37 covers 17,295 square kilometers in the Walvis Basin offshore Namibia approximately 420 kilometers south of the Angolan-Namibian border. Water depths over PEL 37 range from 400 to 1,500 meters.
Tullow is the operator in the license with a 35 percent interest. Pancontinental Namibia, ONGC Videsh, and Paragon Oil and Gas have 30, 30, and 5 percent stakes, respectively.
It is worth noting that Pancontinental Namibia is owned by Pancontinental Oil and Gas (66.67%) and Africa Energy Corp (33.33%).
Tullow Oil drilled the Cormorant-1 well in the PEL 37 license back in September 2018 using the Ocean Rig Poseidon drilling rig.
The well tested the oil potential of a mid-Cretaceous marine turbidite fan sandstone system. Unfortunately, Tullow encountered only non-commercial amounts of hydrocarbons at the Cormorant-1 well which was later plugged and abandoned.
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