Tullow has struck a deal worth up to $130million to take over operatorship of 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.

“We are very pleased to have a major second partnership with an operator of such high calibre as Tullow Oil, ” said Pancontinental chief executive Barry Rushworth.

“We identified EL0037 as one of the most prospective areas offshore Namibia and we are now extremely pleased that Tullow supports our view.”