Tullow has struck a deal worth up to $130 million to take operatorship over Pancontinental's exploration licence off the coast of Namibia.
The deal will see Tullow take a 65% stake in the licence for the site, in the Walvis basin. Pancontinental chief executive Barry Rushworth noted that they were very pleased to have a major second partnership with an operator of such high calibre as Tullow Oil. "We identified EL0037 as one of the most prospective areas offshore Namibia and we are now extremely pleased that Tullow supports our view", he further said.
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