Project Profile
Location: Walvis Basin, offshore Namibia
Blocks: 2012B, 2112A and 2113B
Start-up Year: 2015
Petroleum Exploration Licence 0037 covers blocks 2012B, 2112A and 2113B, the area being selected after an earlier Reconnaissance Licence held by Pancontinental. The licence holders will have exclusive rights for a first exploration period of four years followed by two additional periods of two years each. It also provides for the continuation of the exclusive rights under any oil or gas development. Pancontinental will free carry Paragon until any oil or gas discovery is developed.
Cormorant prospect
The prospect may hold 124 million barrels, on an unrisked best estimate basis. The leading four prospects in the area total 915 million barrels. The targeted prospect is an oil-prone turbidite or submarine fan play. It is in 550 metres of water with the targeted drill depth of 3,830 metres.
Operators:
Tullow Kudu Limited: Operator with 35% interest
ONGC Videsh: 30% interest
Pancontinental: 20% interest
Africa Energy: 10% interest
Paragon Holdings: 5% interest