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Tullow Oil unit to buy stake in Namibian offshore block

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Tullow Oil unit to buy stake in Namibian offshore block

Tullow Oil PLC subsidiary Tullow Namibia Ltd. has entered into an initial agreement to acquire the interest of Australia's Calima Energy Ltd. in the Namibia PEL 90 license for US$12 million, according to a May 23 statement from Calima Energy Ltd.

Calima, which also serves as operator, holds a 56% stake in the project, based on its 2018 financial report. The offshore block is in Namibia's Orange River Basin.

Calima will receive US$2.0 million upon the deal completion and success bonuses of US$10 million to be paid in two tranches, each after the grant of a production license and upon the start of commercial production.

The deal still requires a formal sale and purchase agreement and other approvals.