Key Highlights
• 23 % uplift in unrisked licence-wide prospective resources to c. 4.31 billion barrels (mean).
• 618 million barrels (MMbbl) unrisked net mean now further attributable to GEO’s 78% working interest (103 MMbbl risk-adjusted) in PEL94.
• Prime Walvis Basin 'sweet-spot' location in 350–1 550 m water depths; regional successes in the Namibia’s Orange Basin (Venus, Graff, Mopane) underline the country’s deep-water potential.
AIM-listed 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-risked 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’s 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-adjusted net mean resources.
Importantly, these upgraded numbers lift the licence-wide 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’s share has grown by roughly 32 % to 429 MMbbl.
Seismic mapping has delineated robust, dip and fault-bounded structural closures. The seismic data interpretation has also highlighted direct hydrocarbon indicators in the area—including gas chimneys and flat spots—providing 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.
The 5798 km² licence area sits within the Walvis Basin “sweet-spot,” an area benefiting from improved charge maturity modelling, while recent world-class discoveries in the Orange Basin to the south (Venus, Mopane, Capricornus) highlight the prolific nature of Namibia’s Atlantic margin.
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.
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—and particularly in the Walvis Basin—we are actively progressing farm-out discussions to secure the best outcome for our shareholders'.
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Source: GEO Exploration
