Namibia – Pancontinental – Tullow

On 16 December, Pancontinental Namibia (‘Pancontinental’) received a purported cash call from Tullow in the amount of US $552,897 claiming to represent 35% of the following costs allegedly incurred by Tullow in the 2014, 2015 and 2016 calendar years:  Exploration common costs;  Exploration licence management;  Tullow’s local office costs; and  Exploration general, non-Project.

Tullow claims to have made an adjustment to the joint venture accounts as a result of conducting an internal review of costs incurred since 2014, thus purporting to give it the right to issue the purported cash call.  This claimed adjustment was made without any prior consultation with Pancontinental.  Pancontinental will be seeking full and complete details from Tullow of its claimed adjustment and of its purported cash call, but is of the view that the items, if accurate, are covered by the free carry as defined in the Tullow Farmout Agreement dated Sept 6th, 2013 and as such the cash call is not valid.  Pancontinental will issue a further statement when more information is available.

For and on behalf of Pancontinental Oil & Gas NL

Barry Rushworth CEO and Executive Director

Namibia – Pancontinental – Tullow – Elect to Drill

Excellent news for Namibia offshore, Tullow and Pancontinental, and of course Chariot with its excellent nearby acreage, is the news that Tullow has elected to enter the drilling phase of a farm-in to Namibia PEL37.

Once again this shows that, given the current climate, there must be something rather exceptional about offshore Namibia that has had Shell, Murphy, OMV etc buy into acreage. Chariot of course has much  more acreage than Tullow, and some additional juicy prospects.

Good luck to Tullow and Pancontinental. Given that SHELL will be drilling across the offshore border in South Africa, this makes Chariots acreage even more interesting!

Helios Chariot - Namibia - Summary

Namibia – Pancontinental – Tullow – Extension Request

This is going to be interesting! Tullow have requested another week of extension to the 7th April 2016 to decide if they continue with the Namibia License – and drill etc.

Click here

Helios Chariot - Kudu - Condensate

Namibia – Pancontinential – Cash Raising

Pancontinental to raise $2.2M cash

Key focus is on their Namibia Acreage with the partner Tullow rumoured to be farming out to Anadarko.

Helios Chariot - Tullow Oil LogoHelios Chariot - Anadarko Logo

Namibia – Pancontinental – Update

Recent update: