ASX Companies Announcement Office 17 January 2014
3D Seismic Survey Commences in EL 0037 Offshore Namibia
Pancontinental Oil & Gas NL (ASX: PCL) is pleased to advise 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 takeup 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% Paragon Oil & Gas (Pty) Ltd 5%
Tullow Kudu Limited is a wholly owned subsidiary of Tullow Oil plc Pancontinental Namibia (Pty) Ltd is a wholly owned subsidiary of Pancontinental Oil & Gas NL Paragon Oil & Gas (Pty) Ltd is a wholly owned subsidiary of Paragon Investment Holding’s (Pty) Ltd
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