Joint Venture (JV) partners in the PEL 37 license offshore Namibia have announced plans to drill an exploration well within the Cormorant Prospect next year.

The JV consists of Tullow Namibia, ONGC Videsh, Pancontinental Namibia and Paragon Oil & Gas.

The drilling initiative is subject to approval of the Minister of Mines and Energy of Namibia and has a targeted spud date of 1 September next year.

It is expected to take 30 days to complete.

"The Cormorant Prospect was unanimously selected by the PEL 37 Joint Venture as the first test of a series of large oil-prone prospects in PEL 37."

Pancontinental CEO John Begg said: “Currently, we are also testing a potentially significant new gas discovery in California and we have commenced an appraisal well to evaluate another large gas discovery there.

“The Cormorant Prospect was unanimously selected by the PEL 37 Joint Venture as the first test of a series of large oil-prone prospects in PEL 37 that have been mapped by operator Tullow using high-quality 3D seismic.”

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Cormorant is situated within the PEL 37 on the Walvis Basin offshore Namibia, and exhibits a Type II AVO anomaly on seismic that is consistent with oil fill.

Pancontinental expects that the Cormorant submarine fan target holds significant potentiality due to the high-quality underlying mature oil source rocks, as well as an interpreted high-integrity seal overlying the prospect.

The water depth at the prospect is considered to be moderate at approximately 550m, while the total drill depth is anticipated to be roughly 3,830m below sea level.

In addition, Cormorant shows attributes similar to multiple oil-charged turbidite or submarine fan prospects along the West African offshore region.

Similar potential turbidite prospects are expected to be drilled in future campaigns within the 3D seismic area if the JV achieves successful production at Cormorant.

Tullow Namibia currently holds 35% stake in PEL 37, while ONGC Videsh owns 30%, Pancontinental Namibia holds 30% and Paragon Oil & Gas owns the remaining 5% interest.