Companies

Namibia: Pancontinental challenges Tullow’s PEL 37 cash call

Monday, 19 December 2016 12:09

(Ecofin Agency) - Pancontinental Namibia on Monday announced that it has received a cash call claim in the amount of $552,897 from Tullow Oil. The claim, which was received on Friday, December 16, 2016, arises from alleged costs sustained by Tullow during the operatorship of the Namibian licence, PEL 37.

Tullow claims the amount which stands at $552,897 represents 35% of operatorship costs supposedly incurred by the company during the 2014, 2015 and 2016 calendar years. The costs includes common exploration costs, exploration licence management, Tullow’s local office costs, and non-project general exploration costs, Offshore Energy Today reports.

According to Pancontinental, the claim by Tullow was made in line with an amendment to the joint venture accounts, stemming from an internal review of costs sustained since 2014. Pancontinental added that it would seek full and complete details from Tullow concerning the issue.

The Namibian licence PEL 37 has the potential for joint prospective resources of over 900 million barrels of oil recoverable. Tullow operates the licence, with a drilling campaign required to commence by March 27, 2017.

Anita Fatunji

 
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