Tullow Oil is delaying plans to drill PEL-37 offshore northern Namibia, suggesting that further work is required to identify a drillable prospect.
The drilling of the first exploration well was to start no later than 27 March, provided that a drillable prospect had been identified from 2D and 3D seismic surveys, says partner Pancontinental Oil & Gas (Pancon).
According to the farmout deal signed in September 2013,in order to retain its 65% interest Tullow must fully fund one exploration well at no cost to Pancon.
Tullow is the operator of PEL-37 with 65% stake. Partners include Pancon (30%), and Paragon (5%).
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