Namibia: Africa Energy Corporation takes 10% in PEL 37


Issue 354 - 29 Sep 2017 | 1 minute read

Africa Energy Corporation has taken a 10% stake in PEL 37 in the Walvis Basin. The Cape Town-based company has acquired one third of the shares in Pancontinental Oil & Gas subsidiary Pancontinental Namibia Pty Ltd, which holds a 30% participating interest in PEL 37. ONGC Videsh took a 30% stake in the Tullow Oil-operated licence in June. Tullow holds 35% and the local Paragon Oil & Gas holds 5%.

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