Pancontinental Energy NL (PCOGF)

[DrillaHill]

"Tullow is seeking a co-venturer for Namibian Blocks"
www.stellarlimited.com/Mandates%20Tullow-Namibia.htm
Tullow Oil plc ("Tullow") is offering a select group of companies the opportunity to acquire an interest in PEL 0030 and 0037, Namibia, by farming-in to a highly attractive pair of adjacent licences. Tullow currently holds a 65% interest in PEL 0037, and 25% in PEL 0030, with an option to increase its position to 40% in the latter. Tullow is now seeking a co-venturer for these highly prospective blocks.

Key points :
• A 15% - 40% interest is on offer in a highly prospective region across two exploration licences, with a proven hydrocarbon system and multiple targets;
• Five principal Cenomanian sand prospects, with excellent definition on high quality 3D seismic data;
• Total unrisked resource potential for the key prospects of 835 - 2,325 MMbbls providing upside and 'headroom' for resource growth in follow-on wells;
• Hydrocarbon system proven by nearby Wingat-1 well, which recovered 41º API gravity oil;
• Water depth over the prospects is 300 - 700 m, with gross well costs of approximately USD 40 million.