Pancontinental Begins 3D Seismic Survey in EL 0037 Offshore Namibia
- Business & Finance
Pancontinental Oil & Gas NL advises that a 3D seismic survey has commenced in Licence area EL 0037 offshore Namibia.
The 3D acquisition will be of approximately of 3,000 sq km and a second acquisition phase will cover approximately 1,000 km of 2D data. The total acquisition is expected take up to 120 days.
The survey is managed by the EL0037 Joint Venture operator Tullow Oil, using the seismic acquisition vessel Polarcus Asima.
Tullow Oil farmed-in to EL 0037 in September 2013 and subsequently identified a number of geological “Leads” to be covered by the 3D survey. Pancontinental retains a 30% free carried interest through the surveys and one optional well to be drilled by Tullow.
The Namibia EL 0037 consortium consists of: Tullow Kudu Limited (Operator) 65%, Pancontinental Namibia (Pty) Ltd 30% and Paragon Oil & Gas (Pty) Ltd 5%.
Press Release, January 17, 2014; Image: Polarcus