ONGC Videsh through its wholly owned indirect subsidiary ONGC Videsh Vankorneft Pte. Ltd. (OVVL)) has signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, on 20 November 2017 for acquiring 15% participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow’s existing participating interest of 25% in the License. Eco Oil and Gas Namibia (Pty) Ltd. with 32.5% Participating interest, Azimuth Namibia Limited with 32.5% participating interest and National Petroleum Corporation of Namibia (Pty) Ltd with 10% participating interest 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. Eco is currently the operator of the License and Tullow shall acquire another 15% participating Interest and assume the role of Operator from Eco under the License, in case Tullow elects to proceed into the Second Renewal Exploration Period; The acquisition is subject to satisfaction of customary conditions precedents including Namibian regulatory and joint venture partners approvals as well as grant of a twelve (12) month extension to the First Renewal Exploration Period by the Namibian regulatory authority.
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