Namibia: Africa Energy farms into Tullow block

Africa Energy Corporation has agreed with Pancontinental Oil & Gas to take a 10% stake in the Tullow Oil-operated PEL 37 in the central Walvis Basin. Pancontinental’s costs in the joint venture, including drilling the first exploration well, are already carried by Tullow, and the same terms will apply to Africa Energy.The company has agreed to pay Pancontinental $1.7m at the close of the farm-out agreement, and another $4.8m when the first exploration well starts drilling.