Without disclosing the value of the deal, OVL in a statement said it has completed acquisition of 30 per cent interest in the Namibian Petroleum Exploration License (PEL) 37, covering three blocks of 2112A, 2012B and 2113B.
Tullow Oil held 65 per cent interest in the oil block. Pancontinental Namibia (Pty) Ltd holds 30 per cent interest and the remaining 5 per cent is with Paragon Oil and Gas.
"The completion of the present transaction marks OVL's entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing exploration and production portfolio," the statement said.
PEL 37 covers three adjacent blocks over 17,000 sq km in the central Walvis Basin offshore Namibia.
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It currently produces about 285,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 million tonnes of oil equivalent as on April 1, 2017.
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