<\/strong>In 2016, previous operator AIM-listed Chariot Limited, completed a 3D seismic survey covering approx 2,600km\u00b2, targeting leads identified from approximately 1,700km of 2D seismic data acquired in 2015.
This modern dataset was processed alongside 3,500km\u00b2 of legacy 3D seismic data, using depth migration and inversion techniques calibrated to the nearby Wingat-1 and Murombe-1 wells.<\/p>\n\n\n\n
The integrated 6,100km\u00b2 3D seismic dataset enabled Chariot to map multiple dip-closed structural prospects, targeting Upper Cretaceous deepwater turbidite reservoirs \u2014 the same high-quality
reservoir intervals encountered in the Murombe-1 well. These prospects are interpreted to have
received hydrocarbon charge from Aptian-aged marine source rocks, which have been confirmed as
excellent quality in both Wingat-1 and Murombe-1.<\/p>\n\n\n\n
Wingat-1, drilled by HRT Participa\u00e7\u00f5es em Petr\u00f3leo S.A. in 2013, identified two well-developed source Table 1 \u2013 NSAI prospective oil resource estimate based on 3D seismic data for prospects B, V and W as of 5 June 2017; Chariot Limited release dated 5 July 2017 and April 2020 Presentation<\/em>.<\/p>\n\n\n\n Block 2312 covers an area of 16,800km2 in water depths ranging from 1,400m to 2,000m and lies to the south of the Murombe-1 and Wingat-1 wells, which were instrumental in establishing the prospectivity of offshore Namibia. There is a total of approximately 6,100 km2 of 3D seismic in the north of the block and 4,700 line kilometres of 2D seismic with an average line spacing of 8-10km.<\/p>\n\n\n\n Figure 2 \u2013 Established oil prospects on maturity map of Aptian source rock. Indicates the potential charge of Block 2312 prospects from inboard oil kitchen and outboard oil kitchen sources<\/em><\/p>\n\n\n\n The only well drilled in Block 2312 tested Prospect S, encountering high-quality reservoirs with clear seismic signatures (Figure 3). The well, drilled in 2018 at a cost of only US$16 million, is located on the edge of an area of mature Aptian source rocks, however the dominant hydrocarbon migration direction has been established as northeasterly (where maturity will likely improve) suggesting the absence of a migration pathway from the source rock to the reservoir at Prospect S.<\/p>\n\n\n\n Data collected from the Prospect S well has significantly upgraded exploration targets to the northeast, such as Prospect B, along with targets which have access to the outboard oil kitchen such as Prospects W and V. Figure 3 \u2013 Seismic traverse and individual prospect detail from Block 2312 (Chariot Limited, April 2020 Presentation)<\/em><\/p>\n\n\n\n Grand Gulf has appointed Havoc Services Pty Ltd (Havoc), a subsidiary of Havoc Partners LLP, as its Transaction Terms Wrangel has executed a binding Term Sheet with TSE, which grants Wrangel a 70% interest in the PEL \u2014 subject to the successful grant of the PEL \u2014 through the payment of agreed fees and reimbursement of certain past costs (the Project Option). Grand Gulf Option to Acquire Wrangel Upon exercise of the Project Option, approximately US$175,000 will be payable directly to Namibian
rocks (rich in organic carbon within the oil-generating window) and several thin-bedded-sandy
reservoirs saturated with oil (see Figure 1). Oil samples indicated the presence of light oil (38 to 42 API), with minimal contamination. No water-bearing zones were identified in the drilled section.
An independent audit by Netherland Sewell and Associates Inc. (NSAI) \u2014 a globally recognised authority in petroleum resource evaluation \u2014 estimated the gross mean prospective resources associated with these prospects, as of 5 June 2017, for Chariot Limited.<\/p>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image.png?resize=564%2C320&ssl=1\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image-1.png?resize=441%2C409&ssl=1\")
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Grand Gulf has undertaken a comprehensive technical review of all available data which has confirmed the prospectivity of Block 2312. Technical work going forward will include a focused re-evaluation of the seismic characteristics of the Prospect S reservoir and nearby features, aimed at assessing the ability of seismic attributes to reliably predict hydrocarbon presence across the block\u2019s most prospective targets.<\/p>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image-2.png?resize=616%2C355&ssl=1\")
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corporate and technical advisor to assist in the assessment of the Block 2312 opportunity. Havoc will
also support the Company in the identification and evaluation of additional frontier basin
opportunities globally.<\/p>\n\n\n\n
<\/strong>Grand Gulf has entered into an Option Agreement to acquire 100% of Wrangel. Wrangel is an applicant
for a 70% working interest (WI) in a Petroleum Exploration Licence (PEL) over Block 2312 in the Walvis
Basin, offshore Namibia in partnership with Namibian-based oil and gas company TSE Oil and Gas (Pty)
Ltd (20% WI) (TSE) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10%WI).<\/p>\n\n\n\n
The Namibian Ministry of Mines and Energy (MME) has confirmed the receipt and registration of the Wrangel PEL application. Grand Gulf notes that the Wrangel PEL application is yet to be evaluated and
there is no guarantee that the application will be successful.<\/p>\n\n\n\n
<\/strong>The material terms of the Option Agreement are set out below:<\/p>\n\n\n\n\n
of the Wrangel Option is conditional on the successful award of a PEL on Block 2312 and will
expire on the earlier of:
o 30 days after the successful award of a PEL on Block 2312; and
o 11 April 2026.<\/li>\n\n\n\n
for the grant of the Wrangel Option:o reimbursement of an option fee of US$115,000 to TSE by Wrangel for the Project<\/li>\n\n\n\n
required to fund the exercise of the Project Option, should GGE elect for Wrangel to exercise
the Project Option.<\/li>\n\n\n\n
following consideration to Wrangel shareholders:
o A$150,000 in cash; and
o 250,000,000 GGE shares**.
The Wrangel Option agreement otherwise contains terms and conditions which are considered
customary, including representations and warranties.
The above payments under the Wrangel Option are summarised in the table below:<\/li>\n<\/ul>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image-3.png?resize=583%2C217&ssl=1\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image-4.png?resize=583%2C90&ssl=1\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/image-5.png?resize=581%2C55&ssl=1\")
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government agencies for Licence Fees (including the federal government\u2019s Petroleum Training and
Education Fund (PETROFUND)).
Also, following exercise of the Project Option, subject to entry into a consulting agreement on terms
acceptable to the parties, TSE will be paid a monthly retainer of US$7,500 per month, with a further
day rate of US$1,000 per day for any work done above 5 days in any given month (with prior approval
from the Grand Gulf Board).
The initial term for the consultancy agreement will be 12 months, with an option to extend by mutual
consent thereafter. The agreement will contain usual termination rights for the non-defaulting party
in the event of a breach. After the initial 12 month term, either party will have the right to terminate
without cause on one months\u2019 notice.<\/p>\n","protected":false},"excerpt":{"rendered":"