Africa Oil Corp (AOIFF)

[douginil]

Namibia: PEL 37 Joint Venture plans to drill offshore Namibia in Q3-2018

27 Nov 2017


Africa Energy has announced that the joint venture partners in Petroleum Exploration Licence 37 ('PEL 37') have voted to drill the Cormorant Prospect offshore the Republic of Namibia with a target spud date in September 2018.

Africa Energy recently acquired one-third of the shares in a subsidiary of Pancontinental Oil & Gas that holds a 30% participating interest in PEL 37, providing Africa Energy an effective 10% interest in PEL 37. The Company will pay US$5.5 million to Pancontinental upon spud of the first exploration well to earn a carried interest through the well.

Read more at:
https://www.energy-pedia.com/news/namibia/pel-37-joint-venture-plans-to-drill-
offshore-namibia-in-q3-2018-172295

and

Nice map & graphics
https://www.africaenergycorp.com/operations/project-namibia-pel-37/