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ONGC Videsh acquires 15% interest in PEL 0030 "Cooper Block"

Offshore Namibia

21 November 2017

It has been announcerd that ONGC Videsh, through its wholly owned subsidiary ONGC Videsh Vankorneft Pte. Ltd. ("OVVL"), has entered into agreement with Tullow Namibia Limited ("Tullow") whereby OVVL will acquire a 15% working interest in the Cooper Block (Namibia Petroleum Exploration License 0030 for Block 2012A) (the "Cooper Licence"), offshore Namibia.

The acquisition is subject to satisfaction of customary conditions precedent, including Namibian regulatory and joint venture partners approvals as well as the grant of a twelve month extension to the First Renewal Exploration Period by the Namibian regulatory authority.

The working interests in the Cooper Block following the acquisition by OVVL will be:

  • Eco Atlantic (Operator): 32.5%
  • NAMCOR (the National Petroleum Corporation of Namibia): 10%
  • AziNam Ltd: 32.5%
  • Tullow Oil: 10%*
  • OVVL: 15%

* Tullow Oil has the option to increase its stake by 15% in exchange for a capped well carry.

The Cooper License is currently within the 'First Renewal Exploration Period' under the terms of the licence and the joint venture partners are continuously carrying out data evaluation to identify an exact drill location. Eco also recently announced, on 2 November 2017, that it had released its Public Notice for Environmental Clearance Certificate (ECC) for Drilling an exploration well within its Osprey Lead on the Cooper Block.

The Osprey lead, is in approximately 500 meters of water. Eco has completed the interpretation of several thousand kilometers of 2D seismic as well as completing a 1,100 kilometer 3D Survey, carried out by PGS Geophysical, across the lead.

Stellar acted as advisor to Tullow for the farm-out.