On 24 September 2018, Tullow and partners announced that the Cormorant-1 exploratory well within Tullowâs Walvis Sub-basin PEL 037 (Blocks 2012B, 2112A and 2113B) was in the process of being plugged and abandoned as an unsuccessful well. The well, drilled at a water depth of 548 m reached its total depth of 3,855 m on 21 September 2018. It penetrated a 50 m fan system within the Cormorant Prospect (interbedded sands and claystones were encountered at the primary objective but proved to be water bearing). According to Pancontinental Oil and Gas NL (Pancontinental) wet gas signatures, indicative of oil were first encountered in the overlying shale section and persisted throughout the targeted interval, indicating that there has been significant hydrocarbon generation in the area.   On 4 September 2018, Africa Energy Corp (Africa Energy) and Pancontinental announced the spudding of the well (Africa Energy holds a 10% effective interest in the licence). Â As of 3 September 2018, the âOcean Rig Poseidonâ D/S was on location.Â  Â     The well was viewed as high impact as it was the first well within Namibia and the Walvis Sub-basin, since Repsol plugged and abandoned the Welwitschia 1A well as dry in June 2014.Â  Â     The Cormorant Prospect is an Albian aged base of slope turbidite fan located above Aptian aged source rocks. 3D seismic data of the 124 MMbbl, 120 sq km Prospect showed a Type II AVO anomaly, consistent with oil fill (Tullow believed it to be light oil).Â  The well drilled targeting the Cormorant Prospect did not include an objective within the underlying Uppar Fan 2 Lead (the underlying lead is understood to be 300 m deeper). Drilling took less than 20 days to complete.     Prior to the group deciding to drill the Cormorant Prospect, the largest and most developed prospect within the licence was understood to be an Albian base of slope Albatross turbidite fan with a prospective resource of 349 MMbbls. Pancontinental believes that the prospect is underlain by oil mature source rocks.     To date four prospects and three leads have been identified within the licence:            Â Prospect/Lead            Status            AREA   (Sq Km)            PROSPECTIVE   RESOURCE (MMbbls)         Results             Albatross            Prospect            293            349         Â                Seagull   & Gannet S            Prospect            273            338         Â                Seagull   & Gannet N            Prospect            90            104         Â                Cormorant            Prospect            120            124         Drilled   in September 2018, P&A as dry             Upper   Fan 2            Lead            85            Â          Â                Lower   Fan 3            Lead            352            Â          Â                Lower   Fan 4            Lead            170            Â          Â                Total   (Prospects)            Â             Â             915         Â           Â   Interests in the licence are as follows: Tullow Kudu Limited (Tullow) a wholly owned subsidiary of Tullow Plc operates the licence with a 35% interest, ONGC Videsh upon closing of the 2 July 2017 farm in deal holds a 30% stake, Pancontinental Namibia Pty LtdÂ  (held by Pancontinental with a 66.67% interest and Africa Energy with a 33.33% interest) holds a 30% interest and Paragon Holdings (Pty) Ltd holds the remaining 5% free-carried interest.    Background Information    In 1995, Sasol drilled a well within the area currently under licence as PEL 037. The well is located towards the north western portion of the licence to the west of the Albatross prospect. The well was drilled to a TD of 3,712 m and tested an upper cretaceous closer which was found to be dry. However, it is worth noting that hydrocarbon content and wetness recorded in the well increased steadily towards the bottom of the well.     On 27 November 2017, Pancontinental Oil and Gas NL (Pancontinental) announced that the licence group had voted in favor of drilling the Cormorant Prospect and that the targeted spud date was 1 September 2018, subject to the Ministry of Mines and Energy allowing the group entry into the second renewal phase. Â     On 9 January Tullow confirmed that the group would drill the Cormorant Prospect in the second half of 2018 and that preparations for drilling were underway.     On 8 March 2018, Pancontinental announced that the group had contracted the âOcean Rig Poseidonâ D/S for the drilling of the well. The targeted spud date was 1 September 2018. It also announced that the Ministry of Mines and Energy had granted the group entry into the second renewal phase.Â  Â     On 13 June 2018, Pancontinental, partner to Tullow in the licence, announced that significant progress regarding preparations for the spud of the Cormorant-1 exploratory well had been made. In addition to reconfirming the 1 September 2018, spud date Pancontinental mentioned that the well will be located at a water depth of 545 m and is expected to take 34 days to drill.
Namibia (Orange Sub-basin (SW African Coastal B.)) Kudu