Ocean Rig-owned drillship Poseidon has reached the drilling site of
Cormorant-1 well located in PEL 37 license offshore Namibia, which is
operated by Tullow Oil.
The participants in Cormorant-1 well are Tullow Namibia Limited (operator) with a 35%
interest; Pancontinental Namibia with a 30%; ONGC Videsh with a 30%; and Paragon
Oil & Gas with the remaining 5% interest.
Tullow awarded a new drilling contract for a one-well drilling program plus options for
drilling offshore West Africa to Ocean Rig Poseidon in February 2018.
In preparation for the contract, the drillship was mobilized to Namibia in mid-June.
Pancontinental Oil & Gas informed on Monday that on September 3, 2018, the drillship
Ocean Rig Poseidon transited to, and reached the drilling site of the Cormorant- well
offshore Namibia. Drilling is expected to start later today or on September 4.
The well will be drilled in a water depth of 545m and is expected to take 34 days to
reach total depth. It will test one of a series of large Cretaceous submarine turbidite
“fans”.
Pancontinentalc noted it is not required to contribute to the “uncapped” cost of drilling
under a farmin “carry” by Tullow Oil.
Upon the start of drilling, Pancontinental will receive cash of $5.5 million (A$7.5 million)
from Africa Energy Corp. Pancontinental Namibia is owned by Pancontinental Oil and
Gas (66.67%) and Africa Energy Corp (33.33%).
Ocean Rig Poseidon is the 6th generation deepwater drillship of a Saipem 10000 design.
It was built in 2011 by the Samsung Heavy Industries Shipyard in South Korea.
The drillship was also recently hired by Chariot to drill one firm and one optional well
offshore Namibia.
Energy Network 