{"id":15049,"date":"2025-05-23T08:07:05","date_gmt":"2025-05-23T08:07:05","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=15049"},"modified":"2025-05-23T08:07:07","modified_gmt":"2025-05-23T08:07:07","slug":"namibia-geo-exploration-announces-significant-resource-upgrade-in-pel-94-licence","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-geo-exploration-announces-significant-resource-upgrade-in-pel-94-licence\/","title":{"rendered":"NAMIBIA: GEO Exploration Announces Significant Resource Upgrade in PEL 94 Licence"},"content":{"rendered":"\n

GEO Exploration has announced the results of an independent geoscience evaluation of Licence PEL 94 (Block 2011A), offshore Namibia. The study has greatly enhanced our understanding of the potential in the eastern portion of PEL94 and it has identified two new sandstone leads – Emerald (in the Albian) and Beryl (in the Cenomanian). The work confirms substantial upside and a materially de\u2011risked resource base.
The evaluation concludes that Emerald and Beryl together contain 792 MMbbl of unrisked gross mean prospective resources, with 726 MMbbl attributable to Emerald and 66 MMbbl to Beryl. At GEO\u2019s 78% working interest this equates to 618 MMbbl of net mean resources, while the assigned weighted Geological Risk Factor (or geological chance of success) yields 103 MMbbl of risk\u2011adjusted net mean resources.<\/p>\n\n\n\n

Importantly, these upgraded numbers lift the licence\u2011wide unrisked gross mean prospective resources on PEL 94 to approximately 4.31 billion barrels, representing a 23 % increase over the 3.52 billion barrels announced on 27 March 2023. On a risked net basis, GEO\u2019s share has grown by roughly 32 % to 429 MMbbl.<\/p>\n\n\n\n

Seismic mapping has delineated robust, dip and fault\u2011bounded structural closures. The seismic
data interpretation has also highlighted direct hydrocarbon indicators in the area\u2014including gas
chimneys and flat spots\u2014providing strong evidence for an active petroleum system, migration of
hydrocarbons throughout the section and therefore increasing the chance that the leads are charged
with oil. The water depth is c.750 m at the location of the leads identified.<\/p>\n\n\n\n

The 5798 km\u00b2 licence area sits within the Walvis Basin \u201csweet\u2011spot,\u201d an area benefiting from improved charge maturity modelling, while recent world\u2011class discoveries in the Orange Basin to the south (Venus, Mopane, Capricornus) highlight the prolific nature of Namibia\u2019s Atlantic margin. <\/p>\n\n\n\n

Omar Ahmad, Chief Executive Officer of GEO Exploration Limited, commented:
“Before commenting on these exciting results, I would first like to congratulate Her Excellency Dr Netumbo Nandi-Ndaitwah on her appointment as President of Namibia and Victoria Sibeya on her appointment as Acting Managing Director of the National Petroleum Corporation of Namibia (NAMCOR). I would like to thank Petroleum Commissioner Maggy Shino, the Namibia Ministry of Mines and Energy and our partners for their continued support to Geo.<\/em><\/p>\n\n\n\n

Today’s resource upgrade underscores the tremendous potential we see in PEL 94 and the strong conviction we have in our Namibian licence. Our technical team has done a terrific job delivering new, material leads on the eastern side of the block. With excitement building across Namibia\u2014and particularly in the Walvis Basin\u2014we are actively progressing farm-out discussions to secure the best
outcome for our shareholders”<\/p>\n\n\n\n

Volumetrics of Prospects and Leads for PEL 94
<\/strong>The Prospective Resources are detailed in Table A below and have been classified in accordance with
the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS), and have
been estimated using a probabilistic method. They are based on 3D and 2D seismic data and
geological information, including analogues, to which GEO has access. The prospects are considered
viable drilling targets. The leads require more data and\/or evaluation before they can be considered
viable drilling targets.<\/p>\n\n\n\n

Table A:
<\/strong>Estimates of gross attributable Prospective Resources and net attributable Prospective Resources in PEL0094.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Table B
<\/strong>Summary of headline volumetrics of newly evaluated Lead in the eastern blocks (Oil, millions of
barrels)<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Table C<\/strong>
Licence Wide Prospective Resources \u2013 Comparison of the total unrisked and risked resource base
for PEL 94 before and after the 2025 Emerald-Beryl evaluation<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

GEO Exploration has announced the results of an independent geoscience evaluation of Licence PEL 94 (Block 2011A), offshore Namibia. The study has greatly enhanced our understanding of the potential in … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":15053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-15049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/05\/image-3.png?fit=447%2C613&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3UJ","jetpack-related-posts":[{"id":9226,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-africa-oil-announces-favorable-prime-rbl-redetermination\/","url_meta":{"origin":15049,"position":0},"title":"NIGERIA: Africa Oil Announces Favorable Prime RBL Redetermination","author":"","date":"October 1, 2020","format":false,"excerpt":"Africa Oil Corp. has provided an update on Prime Oil & Gas B.V.\u00a0 Reserve Base Lending facility (RBL). 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