GEO EXPLORATION UNCOVERS MASSIVE OIL POTENTIAL IN NAMIBIAN WATERS
Geo Exploration Limited has confirmed significant de-risked resource potential in offshore Namibia following an independent geoscience evaluation of petroleum exploration licence (PEL) 94 in Block 2011A. The assessment identified two new sandstone leads with substantial commercial potential.
The discoveries include the Emerald lead (in the Albian formation) and Beryl lead (in the Cenomanian formation), representing a combined 792 million barrels of unrisked gross mean prospective resources. Emerald accounts for 726 million barrels while Beryl contributes 66 million barrels. With Geo Exploration holding a 78% working interest in PEL94, the company anticipates potential yields of approximately 4.31 billion barrels.
Seismic mapping has revealed robust, dip and fault-bounded structural closures, while data interpretation has highlighted direct hydrocarbon indicators including gas chimneys and flat spots. These findings provide strong evidence for an active petroleum system and hydrocarbon migration throughout the geological section, significantly increasing the probability that the leads contain oil. The water depth at the identified leads is approximately 750 meters.
CEO Omar Ahmad expressed enthusiasm about the results while acknowledging recent political developments: “Today’s resource upgrade underscores the tremendous potential we see in PEL 94 and the strong conviction we have in our Namibian licence. With excitement building across Namibia—and particularly in the Walvis Basin—we are actively progressing farm-out discussions to secure the best outcome for our shareholders.”
Source: oilreviewafrica.com
