Sale of Namibia PEL 90

Source: www.gulfoilandgas.com 5/23/2019, Location: Africa

Calima Energy Limited has entered into an agreement to sell its interest in the Namibia PEL 90 licence (Block 2813B) to Tullow Namibia Limited (Tullow), a subsidiary of Tullow Oil plc, a leading deep-water operator with an outstanding track record in Africa. The parties have agreed to a 60-day exclusivity period to enable the satisfaction of certain industry standard conditions precedent, which include; entering into a formal sale and purchase agreement, customary due diligence, Tullow board approval and Government and partner approvals relating to the assignment of interest and transfer of Operatorship.

Calima will receive US$2.0 million on completion. Success bonuses totalling US$10.0 million will be paid in two equal tranches (US$5.0 million) following the grant of a production licence and then upon the commencement of commercial production.

Alan Stein, Calima’s Managing Director commented:
“With recent drilling success in the Montney this transaction allows us to focus capital allocation towards Canada while maintaining financial leverage to exploration success in Namibia. The Namibian block is a world-class exploration play with extraordinary upside but it will require considerable investment and time to reach the point of exploration drilling. The Montney offers our shareholders a significant value proposition in the short term where the Company can now put in place the building blocks of a worldclass development with modest capital investment. We wish Tullow and our Namibian partners every success in Block 2813B.

For more information about related Opportunities and Key Players visit West Africa Projects


Oman >>  8/8/2022 - Maha Energy AB (publ) (“Maha” or the “Company”), through its wholly owned subsidiary Maha Energy (Oman) Ltd., has entered into an Agreement with Mafra...
United States >>  8/8/2022 - Cenovus Energy Inc. (CVE) has reached an agreement to purchase bp’s 50% interest in the bp-Husky Toledo Refinery in Ohio. Cenovus has owned the other ...

Brazil >>  8/5/2022 - Petrobras, following up on the release disclosed on 08/14/2020, informs that it has concluded today the sale of all its stakes in the onshore fields o...
Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...

South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...
United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.