Pancontinental Oil & Gas has revealed that preparations are on track for scheduled drilling of Cormorant-1 well under the PEL 37 joint venture (JV) offshore Namibia in September this year.
The project’s operator Tullow Namibia, a Tullow Oil division, has mobilised the drillship Ocean Rig Poseidon to Namibia as part of the preparations.
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The well is to be drilled at a water depth of 545m and estimated to require 34 days to achieve total depth.
At the time of drilling, Tullow Namibia will have a 35% operating interest in the PEL 37 joint venture, while Pancontinental Namibia and ONGC Videsh will hold 30% each.
The remaining 5% will be held by Paragon Oil & Gas.
Pancontinental Oil & Gas CEO John Begg said: “According to Wood Mackenzie, the global energy research and consultancy group that reports on all aspects of the upstream oil and gas industry, this will be one of the most-watched offshore wells anywhere in the world this year.
“It has been highly anticipated for a number of years by the company and our shareholders. We are obviously keen for the well to commence as the first test of the giant-scale oil potential within the block.”
In 2013, Pancontinental farmed out the project to Tullow that will be continued through the well drilling costs.
Pancontinental is eligible to obtain A$7.3m ($5.53m) from investment partner Africa Energy, upon spud of the well that is expected to happen in September.
