Pancontinental Oil & Gas has agreed to give Tullow Oil a second extension to reach a decision on whether it wants to withdraw or continue in the Namibian PEL 0037 JV. The first extension was granted in June 2015, taking Tullow to March 31 to take a decision. The further extension requested by Tullow will give it until April 7 to elect to withdraw or continue in the license.
Pancontinental farmed out the license to Tullow in September 2013, reducing its interest to 30%. Under the terms of the farm out, Pancontinental was to be free carried through extensive 3D and 2D seismic programs and a possible exploration well.