Pancontinental Oil & Gas NL announced that the PEL 37 Joint Venture is on schedule for the upcoming drilling of the highly anticipated Cormorant-1 well, offshore Namibia. Operator Tullow Namibia Limited is well underway with preparations for the commencement of drilling of the Cormorant-1 well as projected in September, 2018. The well will be drilled by the drillship Ocean Rig Poseidon in a water depth of 545m and is expected to take 34 days to reach Total Depth. Ocean Rig Poseidon has already been mobilised to Namibia to drill Cormorant-1. Almost 70% of critical well service contracts have been let with a number of local Namibian companies successfully securing contracts during the tendering process being managed by Tullow. Pancontinental farmed out to Tullow in 2013 and will now be fully carried through the cost of drilling the well. In addition to the entry into the project of Africa Energy in September last year, Indian oil and gas company ONGC Videsh Limited also farmed in. Earlier this year oil major ExxonMobil announced its farmin to PEL 82 (adjacent to Pancontinental's PEL 37) for a 40% interest.