OVL buys 15% stake in Namibian oil block

Tullow held 25 per cent in the block.

Eco Oil and Gas Namibia (Pty) Ltd with 32.5 per cent stake, Azimuth Namibia Ltd (32.5 per cent) and National Petroleum Corp of Namibia (Pty) Ltd (10 per cent) are other partners in the License.

"The License is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect," the statement said.

Last month, OVL had acquired 30 per cent in PEL-37, covering three offshore blocks, from Tullow.

Tullow Oil held 65 per cent interest in PEL-37 while Pancontinental Namibia (Pty) Ltd held 30 per cent and the remaining 5 per cent is with Paragon Oil and Gas.

OVL said Eco is the operator of PEL-30 and Tullow shall acquire another 15 per cent participating interest from Eco to assume operatorship.

The acquisition, it said, is subject to regulatory and joint venture partners approval as well as grant of a 12 month extension to the First Renewal Exploration Period by the Namibian regulatory authority.

OVL said the fresh acquisition would strengthen its partnership with Tullow and its other partners and would mark consolidation of interest in Namibian offshore.

"The acquisition is consistent with OVL's strategic objective of adding high quality exploration and production assets to its existing exploration and production portfolio," the statement added.