Grand Gulf Energy Eyes Billion-Barrel Namibian Oil Block Opportunity
Australian-listed Grand Gulf Energy Limited is preparing to enter the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd, which has applied for a 70% working interest in Namibia’s Block 2312.
The company, currently specializing in helium exploration in the United States, announced that Block 2312 covers approximately 16,800 square kilometers in the Walvis Basin, situated in water depths ranging from 1,400 to 2,000 meters. The block lies within a proven hydrocarbon province where over 11 billion barrels of oil have been discovered in recent years.
Independent auditors Netherland Sewell and Associates Inc. estimate the block contains a mean unrisked prospective resource of approximately 1.1 billion barrels of oil across three primary prospects. The Walvis Basin continues attracting attention from energy majors including Shell, Chevron, TotalEnergies, and GALP, with seven exploration wells scheduled for drilling in 2025.
Grand Gulf has engaged Havoc Services, led by geoscientist Alan Stein, who has been involved in discovering more than 2 billion barrels of oil equivalent globally. Importantly, acquisition costs will only become payable once a Petroleum Exploration Licence for Block 2312 is granted.
Source: angolanminingoilandgas.com
