The London-based independent, which operates the Kudu gas project off Namibia, will take a 65% stake in Exploration Licence 0037 with Pancontinental’s holding falling to 30% from 95%. In return for gaining this operating stake, Tullow will fully carry Pancontinental through 2D and 3D seismic campaigns and drilling an exploration well.
Pancontinental estimates that Tullow’s farm-in expenditure may be between $110 million and $130 million.
