Highlights:
- Option Agreement executed to take a 70% working interest in Block 2312 offshore Namibia – consideration payable only upon grant
- Offshore Namibia has emerged as a global oil exploration hotspot, with over 11 billion barrels discovered to date in recent high-profile discoveries(1)
- Global super-majors active in the region include Shell, Chevron, TotalEnergies, and GALP — seven offshore wells scheduled for drilling in 2025(2)
- Block 2312 is south of Chevron-operated PEL 82 (awarded Feb 2025) and spans approx 16,800km² in water depths of 1,400m to 2,000m – well within the capability of modern drill-ships
- The block includes 6,100km² of 3D seismic and 4,700 line km of 2D seismic
- The previous operator of Block 2312 reported a mean prospective resource of 1.1 billion barrels of oil(#)
- Havoc Services, led by oil and gas veteran Dr Alan Stein, engaged as technical advisor — track record includes discovering over 2 billion barrels of oil equivalent and more than US$1 billion in capital raised
- Havoc’s subsidiary, Harmattan Energy, previously operated Namibia's PEL 90, which was sold to Chevron in 2022
Strategic Entry into Offshore Namibia
Grand Gulf Energy has entered into a binding Option Agreement, providing Grand Gulf with an exclusive option to acquire 100% of Wrangel Pty Ltd.
Wrangel is an applicant for a 70% working interest (WI) in a Petroleum Exploration Licence (PEL) over Block 2312 in the Walvis Basin, offshore Namibia (see map). The application is in partnership with Namibian-based oil and gas company TSE Oil and Gas (Pty) Ltd (TSE) (20% WI) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10% WI).
Under the terms of the agreement, consideration is only payable upon the successful granting of the PEL, offering Grand Gulf a low-cost entry into one of the world’s most prospective frontier basins.
Offshore Namibia has seen a series of recent significant oil discoveries resulting in over 11 billion barrels of oil discovered to date with global oil and gas super-majors such as Shell, Chevron, TotalEnergies and GALP all active in the area, with 7 wells scheduled to be drilled in calendar 2025.
The groundbreaking Graff-1 oil well drilled offshore Namibia by Shell in 2022 catapulted Namibia to the forefront of global oil exploration.
Shortly after the Graff discovery, TotalEnergies reported an even larger multi-billion barrel discovery with their Venus-1 well and GALP followed in 2023 with the Mopane-1X oil and condensate discovery. All these discoveries have now been appraised and tested.
By early 2025, after drilling 17 exploration wells and 6 appraisal wells, the overall success rate in the Orange Basin since 2022, is greater than 80%3 .
Grand Gulf’s entry into Block 2312 offers material exposure to this emerging petroleum province.
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Source: Grand Gulf Energy
