Pancontinental Oil and Gas said that the Cormorant-1 exploration well in PEL 37 offshore Namibia which has been drilled to a depth of 3,855m will be plugged and abandoned as a dry hole.
The well has been efficiently drilled by operator Tullow Oil, reaching total depth on 21 September 2018, materially quicker than prognosed.
The Early Cretaceous age Cormorant Submarine Fan target was encountered close to the predicted depth but no accumulated hydrocarbons were found.
The Fan contained approximately 50m thickness of interbedded sands and claystones that were water-wet. Wet gas signatures, indicative of oil, were first encountered in the overlying shale section and persisted throughout the target interval, indicating that there has been significant hydrocarbon generation in the area.
Important geological data has been gained from this well, providing valuable insights into the prospectivity of the Aptian-Cenomanian turbidite fans that are still valid exploration plays with very large oil resource potential in Pancontinental’s acreage both in PEL 37 and, further south, in PEL 87 (Pancontinental 75%).
Cormorant-1 is the first modern well to penetrate this stratigraphic section in PEL 37, (covering some 17,000Km2), and the Joint Venture is in the early stages of analysing the results.
The analysis will assist the geological understanding, and the associated discovery probability, of other prospects and leads in PEL 37, some of which have significantly larger resource potential than Cormorant.
The well data supports the presence of at least one active source rock system, with encouraging implications for the range of play types mapped in the block, and in PEL 87.
Pancontinental Oil & Gas NL owns two thirds of Pancontinental Namibia Pty Ltd, which holds a 30% participating interest in PEL 37, giving it a 20% effective interest in PEL 37.
The participants in Cormorant-1 are - Tullow Namibia Limited (Operator with 35.00%), Pancontinental Namibia Pty Ltd (30.00%), ONGC Videsh Limited (30.00%) and Paragon Oil & Gas (5.00%).
Source : Company Press Release