Oregen Energy has announced that it has signed a non-binding Letter of Intent (LOI) to evaluate an investment opportunity in the share capital of Petrovena Energy, a local Namibian energy company. Petrovena is Oregen\u2019s partner in Block 2712A (PEL 107) and has recently been issued an award letter to enter into a Petroleum Agreement and be granted a license on Block 2812Ab, a highly prospective exploration block in Namibia\u2019s Orange Basin.<\/p>\n\n\n\n
This LOI represents a major milestone for Oregen and further advances the Company\u2019s strategy to build a concentrated Orange Basin portfolio with exposure to multiple high-impact catalysts. It follows Oregen\u2019s 2025 investments in Block 2712A, where the Company is now the largest shareholder in WestOil Ltd. (WestOil), the operator of the block, in partnership with Petrovena, providing Oregen with meaningful influence as technical evaluation and exploration planning continue.<\/p>\n\n\n\n
Block 2812Ab is located directly northwest of TotalEnergies\u2019 Venus discovery, one of the largest offshore discoveries announced in the Orange Basin to date. Block 2812Ab is both adjacent to and on geological trend with TotalEnergies\u2019 Block 2913B (PEL 56). With this LOI, Oregen enters a period of negotiations towards a strategic investment that, if consummated as anticipated, would further position Oregen in the proven fairway of the Orange Basin.<\/p>\n\n\n\n
\u201cWe are advancing the evaluation of an investment in the share capital of Petrovena, which could materially increase our exposure to the Orange Basin, including Block 2812Ab, which we believe is one of the most attractive oil exploration opportunities globally\u2014directly adjacent to one of the largest discoveries in the basin and within a corridor increasingly dominated by majors,<\/em>\u201d said Mason Granger, CEO & Director of Oregen Energy. \u201cBlock 2812Ab fits squarely within our strategy of investing in a concentrated Orange Basin portfolio with scale, geological continuity, and multiple strategic pathways. Its proximity to proven discoveries such as Venus, and to active development planning, enhances its strategic relevance as the region advances toward major investment decisions and production. This position strengthens our optionality as we advance technical work programs and evaluate potential partnerships.<\/em>\u201c <\/strong><\/p>\n\n\n\n ABOUT BLOCK 2712A AND BLOCK 2812Ab<\/strong><\/p>\n\n\n\n Block 2712A (PEL 107)<\/strong> covers 5,484 km\u00b2<\/strong> of prime deepwater acreage in Namibia\u2019s Orange Basin, situated in close proximity to licenses held by global energy majors including Chevron, TotalEnergies, Galp Energia and Shell. Oregen holds a 33.95% indirect working interest in Block 2712A through its investment in WestOil Ltd., the block operator, with Petrovena and NAMCOR holding 15% each.<\/p>\n\n\n\n Block 2812Ab<\/strong> covers approximately 2,742 km\u00b2<\/strong> in water depths ranging from 2,900 to 3,900 metres. The block lies directly northwest of TotalEnergies\u2019 Block 2913B (PEL 56), the Venus discovery area, <\/strong>and immediately west of Chevron\u2019s Block 2813B (PEL 90)<\/strong>, positioning it within the same Upper Cretaceous turbidite fairway that has yielded multiple significant discoveries in the basin.<\/p>\n\n\n\n Block 2812Ab has been covered by several historical 2D seismic data surveys and, based on the Company\u2019s review of available regional and offset data, Oregen believes the block has the potential to demonstrate similar structural and stratigraphic features to those seen in the adjacent Venus and other discoveries on TotalEnergies PEL 56. Analysis of surrounding datasets \u2013 particularly those of neighbouring Block 2913B (PEL 56), supports the interpretation that these play types likely extend northwest into Block 2812Ab.<\/p>\n\n\n\n It is anticipated that interpretation and technical evaluation of existing 2D seismic will support the refinement of the proposed area for the 3D seismic acquisition programs for which discussions are underway on both Block 2712A (PEL 107) and Block 2812Ab in order to refine a number of drill-ready prospects targeting deep-marine clastic reservoirs analogous to those proven productive nearby. The acquisition of 3D seismic over the block will allow the extent of these plays to be mapped with significantly greater resolution to support the identification of future deep drilling locations and ultimately underpin the technical definition of the block.<\/p>\n\n\n\n This strategic location gives Oregen exposure to the heart of Namibia\u2019s emerging deepwater oil play, with proximity to active infrastructure planning and future tie-back potential once regional development proceeds.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":"