TSE Oil and Gas Ready to Launch €80 Million Namibian Exploration Program
Namibian energy firm TSE Oil and Gas stands ready to begin exploration in the Walvis Basin with a €80 million program, pending final government approval for operations in Block 2312.
Chief Executive Officer Thomas Shindi confirmed that TSE submitted its application for a Petroleum Exploration Licence back in 2022 and is currently awaiting approval from the Ministry of Mines and Energy. “We are ready. The funds are secured, the programme is in place, and now we are waiting for the necessary approvals,” said Shindi.
The company’s plans include detailed seismic surveys and drilling of two exploratory wells, critical steps toward confirming commercial oil reserves. Block 2312 contains 6,100 km² of 3D seismic data and 4,700 line-kilometers of 2D seismic data, with a previous operator estimating mean prospective resource of 1.1 billion barrels of oil.
TSE has committed to a N$5 million annual Corporate Social Investment Fund for four years, focusing on education, mental health and community development. Founded in 2012, TSE holds a 20% stake in the project alongside state-owned NAMCOR (10%) and Australian firm Grand Gulf Energy, which acquired Wrangel Resources’ 70% stake.
Source: neweralive.na
