Tullow oil is aiming to start drilling on the Cormorant prospect in the Walvis Basin offshore Namibia at the start of September next year [2018], according to partner Pancontinental.
The Cormorant prospect, in about 550m water depth, is part of exploration license in PEL 37. Pancontinental says Cormorant is one of a series of large oil-prone prospects in PEL 37, mapped by Tullow, using high quality 3D seismic.
Pancontinental estimates Cormorant has the potential to contain 124 MMbbl unrisked, best estimate prospective resources. It puts the cumulative best estimate oil resource potential of the leading four mapped prospects in the block at 915 MMbbl recoverable.
It says Cormorant is similar to many successful oil-charged turbidite or submarine fan prospects along the West African margin and is mapped covering some 226sq km at its greatest extent.
"These submarine fan plays are analogous to successful large, commercial oil finds elsewhere along the African coast, triggering ongoing interest in offshore Namibia from major oil companies and Africa specialist players," says Pancontinental. "This is amply demonstrated by the entry since mid-2017 of ONGC Videsh into the PEL 37 joint venture, Africa Energy’s entry as a shareholder in Pancontinental Namibia and the farmin of French oil major Total into a block to the south.”
Drilling on Cormorant is subject to official endorsement and renewal of PEL 37 for the second renewal exploration period.
Pancontinental will have an effective 20% carried interest uncapped through the cost of drilling the well.
Total drill depth is estimated to be 3830m below Sea Level. Drilling time to total depth is estimated at 30 days.
Pancontinental originated the PEL 37 project in 2011 and farmed out to Tullow in 2013. Tullow Namibia is now operator with 35% interest with partners ONGC Videsh (30%), Pancontinental Namibia (30%) (and owned 66.67% by Pancontinental Oil & Gas and 33.33% by Africa Energy) and Paragon Oil & Gas 5%.
Pancontinental will have an effective 20% carried interest uncapped through the cost of drilling the well.