Canada-based Africa Energy Corp. entered into a farm-out agreement with a Pancontinental Oil & Gas NL subsidiary, acquiring a 10% participating interest in Petroleum Exploration License 37 (PEL 37) offshore Namibia.
Africa Energy’s participating interest share of all joint venture (JV) costs, including the drilling of the first exploration well on PEL 37, will be fully carried through the current exploration period by a JV partner.
Africa Energy will pay Pancontinental US$1.7 million at the closing, and an additional US$4.8 million when the first exploration well is spudded, the company said Nov. 29.
The farm-out’s completion is subject to receipt of all requisite government approvals, other regulatory approvals, third-party consents, partner approvals, and finalization of due diligence procedures.
James Phillips, president and CEO of Africa Energy, said that PEL 37 contains a series of extensive base-of-slope fan prospects with significant combined resource potential. The fans directly overlie a mature oil-prone source rock of Aptian age, he said.
Recommended Reading
Deepwater Roundup 2024: Offshore Europe, Middle East
2024-04-16 - Part three of Hart Energy’s 2024 Deepwater Roundup takes a look at Europe and the Middle East. Aphrodite, Cyprus’ first offshore project looks to come online in 2027 and Phase 2 of TPAO-operated Sakarya Field looks to come onstream the following year.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Green Light for ConocoPhillips’ Eldfisk Nord
2024-02-28 - ConocoPhillips is expected to begin production at its Eldfisk Nord project before the first quarter ends.
Remotely Controlled Well Completion Carried Out at SNEPCo’s Bonga Field
2024-02-27 - Optime Subsea, which supplied the operation’s remotely operated controls system, says its technology reduces equipment from transportation lists and reduces operation time.
Subsea7 Awarded Sizable Contract in GoM
2024-04-12 - Subsea7 will install a flowline for Talos’ Sunspear development in the Gulf of Mexico.