An exciting development in the oil and gas exploration sector has emerged as GEO Exploration, an AIM-listed upstream exploration company with a focus on Africa and the Mediterranean regions, has unveiled a notable increase in unrisked prospective resources within its Petroleum Exploration License (PEL) 94 in the Walvis Basin, off the coast of Namibia. Formerly known as Global Petroleum, the company’s recent findings are set to redefine the potential of the area.
The revelation comes following the disclosure of an independent geoscience evaluation of PEL 94’s Block 2011A. The study has significantly enhanced GEO Exploration’s understanding of the eastern portion of the license. Two new sandstone leads, Emerald in the Albian and Beryl in the Cenomanian, have been identified. These discoveries not only confirm a substantial upside but also contribute to a materially de-risked resource base. According to the company, the evaluation shows that these two leads contain a staggering 792 million barrels of oil equivalent (bbl) of unrisked gross mean prospective resources. Specifically, 726 million bbl are attributable to Emerald, and 66 million bbl to Beryl. With GEO’s 78% working interest, this translates to 618 million bbl of net mean resources, and after applying the assigned weighted geological risk factor, there are 103 million bbl of risk-adjusted net mean resources.
These new figures have had a major impact on the overall resource estimates for PEL 94. The license-wide unrisked gross mean prospective resources have now been lifted to approximately 4.31 billion barrels, marking a 23% increase compared to the 3.52 billion barrels announced on March 27, 2023. On a risked net basis, GEO’s share has grown by roughly 32% to 429 million bbl. The identified leads are located in an area with a water depth of around 750 meters. Seismic mapping has also played a crucial role in this discovery, delineating robust, dip and fault-bounded structural closures. Seismic data interpretation has highlighted direct hydrocarbon indicators, such as gas chimneys and flat spots, which strongly suggest an active petroleum system and the migration of hydrocarbons, thereby increasing the likelihood that the leads contain oil.
Omar Ahmad, Chief Executive Officer of GEO Exploration, expressed his enthusiasm about the discovery. “Today’s resource upgrade underscores the tremendous potential we see in PEL 94 and the strong conviction we have in our Namibian licence,” he commented. He also praised the technical team for their work in identifying new, significant leads on the eastern side of the block. Ahmad further stated that with growing excitement in Namibia, especially in the Walvis Basin, the company is actively engaged in farm-out discussions to secure the best outcome for its shareholders.
The 5,798-square-kilometer license area is situated within the Walvis Basin’s “sweet spot,” an area that stands to benefit from improved charge maturity modelling. Recent discoveries in the Orange Basin to the south, including Venus, Mopane, and Capricornus, have demonstrated the prolific nature of Namibia’s Atlantic margin. TotalEnergies and its partners are already advancing the development of the Venus field in Block 2913B within PEL 56, with the final investment decision targeted for early 2026, further indicating the promising future of the region’s oil and gas industry.
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