| Location | Licence No. | Block | Size/water depth | Partners |
|---|---|---|---|---|
| Walvis Basin | 0094 | 2011A | 5,798 sq. km / 350-1,550 metres | Global Petroleum Namibia Limited 78% (operator) NAMCOR 17% (carried interest) Aloe Investments Two Hundred and Two (PTY) Ltd 5% (carried interest) |
Background
Namibia’s offshore remains one of the world’s most promising frontier basins. With fewer than 20 wells drilled across expansive offshore acreage, no commercial production has been achieved—yet. But breakthroughs like Venus, along with recent successes by Rhino Resources and Azule Energy, are transforming that outlook.
Exploration Highlights
Orange Basin
- Venus Discovery (TotalEnergies) – 2022 find of 1.5–5+ billion barrels; FID targeted for 2026, first oil by 2029/30.
- Mopane (Galp) – PEL 83 discovery estimated at 10 billion barrels of oil equivalent; confirmed by Mopane-1X and Mopane-2X flows.
- Rhino Resources & Azule Energy (BP–Eni JV).
- Sagittarius-1X confirmed hydrocarbons (2025).
- Capricornus-1X flowed 11,000+ bpd of 37° API light oil from 38 m net pay.
- Volans-1X appraisal well commenced mid-2025.
Walvis Basin
- Chevron Farm-In (PEL 82) – February 2025: Chevron acquired 80% operated interest; Custos Energy & NAMCOR retain 10% each.
- Extensive Seismic Coverage – ~3,500 km² 2D and 9,500 km² 3D data; historic wells include Wingat-1 (oil to surface) and Murombe-1.
- Planned Exploration Well – Chevron preparing for drilling in 2026–2027.
- Prime Global Energies Farm-In (PEL 96) – Prime acquired 25% non-operated interest in northern Walvis Basin (Dolphin Graben).
What’s Next?
Rhino remains committed to fast-tracking its offshore program, aiming to be “first to first oil” in Namibia, with commercial development aspirations by 2030. The Volans‑1X well is a priority, designed to test a more laterally extensive reservoir type—if successful, it may offer simplified development compared to Capricornus
Overview & Geology
The Welwitschia-1A well, drilled by Repsol in 2014, is the only oil and gas well to have been drilled to date within the area of the licence. This well was primarily targeting Upper Cretaceous sands on the crest of a large structure and encountered no reservoirs. GEO believes that there is significant prospectivity in the deeper Albian-Apian carbonates, which this well did not reach, and, additionally, in Upper Cretaceous reservoirs on the eastern flank of the Welwitschia structure. Wells which have encountered one or other of these reservoirs are 50 to 100km away, e.g. 1911/10-1 and 1911/15-1 to the NE and 2012/13-1 to the SE. Drilling in 2018 included Tullow’s Cormorant-1 well about 50km to the SE of Block 2011A, which confirmed the presence of Albian deep water sandstones, and Chariot’s Prospect S (2312/7-1) just over 300km to the south, which encountered high quality Upper Cretaceous sandstones.
All the necessary play elements for an oil discovery are found to be present in the Namibian offshore: a world- class quality, Aptian-aged, source rock and reservoirs in the Barremian, Albian and Upper Cretaceous/Lower Paleocene, all of which have proven seals associated with them.
Rich, oil-prone, Aptian-Barremian source rocks are present in Wingat-1, Murombe-1, Moosehead-1 and at Kudu, where it has sourced significant volumes (multiple tcfs) of gas. In addition to the oil at Wingat-1, trace oil was extracted from core in the Albian carbonate reservoir at 1911/15-1, migrant oil was sampled from Upper Cretaceous sandstones at 2012/13-1 and slicks detected by satellite have been noted to the north of the Gemsbok prospect in PEL0029.
In PEL0094 a survey sampled gas from seabed cores, which was interpreted by the contractor to be at least partly generated from a deeply buried source rock. This suggests that, of the oil and gas generated by the Aptian source rock, some of the gas has leaked up through a large fault imaged on the seismic data that underlies these cores, whereas the oil has been trapped in the sub-surface. Also visible on the seismic in PEL0094 is a very large area of probable shallow gas above the aforementioned large fault and, whilst this will never be a commercial accumulation, it does, with the evidence of gas from the seabed cores, indicate a working source rock within PEL0094.
Specialist studies on the seismic and wells have enabled Geo to map the source rock with some confidence into PEL0094 and a petroleum systems modelling study has confirmed that not only is the source rock mature, but that it has generated oil that has migrated to and filled the prospects.
Albian-Aptian, shallow marine carbonate reservoirs, the main targets at Welwitschia Deep, Gemsbok, Lion and Dik Dik are present in the wells 1811/05-1 (Tapir South-1), 1911/15-1 and 1911/10-1, where the reservoir quality is good. This reservoir is mapped in large, dip and fault-closed structural traps in Global’s prospects. In the western part of PEL0094 the Welwitschia Deep prospect is already covered by 3D seismic data and Global’s interpretation of the data has confirmed this large prospect.
Further into the basinal areas the Albian is expected to be composed mainly of deep water mudstones and sandstones, which were proven as a new play type by Tullow’s Cormorant-1 well. Global’s model is that the play extends into the SE corner of PEL0094 and east of here in PEL0097 the Osprey prospect, with Albian sandstones as the prognosed reservoir, has been mapped by the operator.
GEO interprets the presence of Upper Cretaceous and Paleocene sandstone reservoirs in both PEL0094 and PEL0029. These sandstones have been intersected in most of the deep water wells offshore Namibia, including nearby wells 2012/13-1, 1911/15-1 and 1911/10-1. The reservoir quality is good and at 2012/13-1, to the SE of PEL0094, migrant oil was sampled from these sandstones.
Within the area of the 3D seismic data survey in PEL0094, the Marula prospect has been mapped with Upper Cretaceous sandstones in a distal pinchout trap. There is a strong amplitude anomaly whose edge conforms to structure down-dip, and this edge could be an oil-water contact. As such, GEO considers this to be the most attractive of its prospects. The forward plan is to work up existing data and other data yet to be licensed to showcase this potential, and then partner with a credible deep water operator to move the exploration of the two licences forward.
A summary of the play types in PEL0094 are shown in the figure above.
Prospectivity
- Welwitschia-1A well drilled in western part of PEL0094 in 2014, targeted Upper Cretaceous sandstones, which were absent at this location, but the well proved excellent seals.
- GEO believes that there is significant prospectivity – similar to that in PEL0029 – in deeper Albian carbonates (“Welwitschia Deep”), which Welwitschia-1A did not reach.
- Additional prospectivity in Upper Cretaceous reservoirs on the flanks of the Welwitschia structure e.g. the Marula prospect.
Welwitschia Deep Prospect
- Albian carbonates in a fault and dip-closed trap
- Mapped on 3D seismic data
- Best estimate (P50) unrisked prospective resource 671 MMbbls gross in PEL0094, 523 MMbbls net to GEO with a geological chance of success of 14%
Marula Prospect
- Upper Cretaceous sandstones mapped on 3D seismic data in a distal pinchout trap with a strong amplitude anomaly conforming to structure down-dip.
- Best estimate (P50) unrisked prospective resource 392 MMbbls gross in PEL0094, 306 MMbbls net to GEO, with a chance of success of 29%.
Significant Resource Upgrade PEL 0094
An independent geoscience evaluation of PEL 0094 (Block 2011A) was conducted in 2025 and has significantly enhanced understanding of the licence’s eastern potential, identifying two new sandstone leads — Emerald and Beryl — with a combined 786 million barrels of unrisked gross mean prospective resources. At GEO’s 78% working interest, this equates to 614 million barrels net, with a risk-adjusted net mean of 103 million barrels, confirming substantial upside and a de-risked resource base.
Prospect & Lead portfolio map for GEO’s Namibian licence PEL 0094.
Prospective Resources
GEO undertook further technical interpretation on both its principal prospects, Marula and Welwitschia Deep, and the leads in the eastern part of the Licence in May 2025.
| Gross* Prospective Resources within PEL0094 | Net Attributable** Prospective Resources (NAPR) within PEL0094 | Risk Factor | Risked NAPR in PEL0094 |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Prospects or Leads | 1U Low Estimate (P90) | 2U Best Estimate (P50) | 3U High Estimate (P10) | Mean Estimate | 1U Low Estimate (P90) | 2U Best Estimate (P50) | 3U High Estimate (P10) | Mean Estimate | (%) | Risked net 2U Best Estimate (P50) |
| OIL — millions of barrels | ||||||||||
| Prospect Welwitschia Deep | 162 | 671 | 1863 | 881 | 126 | 523 | 1453 | 687 | 14% | 96 |
| Prospect Marula | 237 | 392 | 606 | 411 | 185 | 306 | 473 | 321 | 29% | 93 |
| Lead Emerald (Albian) | 226 | 560 | 1389 | 720 | 176 | 437 | 1083 | 562 | 17% | 96 |
| Lead Beryl (Cenomanian) | 32 | 59 | 109 | 66 | 25 | 46 | 85 | 52 | 13% | 7 |
| Lead Ana | 42 | 91 | 175 | 102 | 33 | 71 | 137 | 80 | 11% | 9 |
| Lead Quiver Tree | 275 | 476 | 786 | 508 | 215 | 371 | 613 | 396 | 11% | 44 |
| Lead Quiver Tree South | 262 | 396 | 566 | 407 | 204 | 309 | 441 | 317 | 7% | 22 |
| Lead Plum | 79 | 164 | 311 | 182 | 62 | 128 | 243 | 142 | 7% | 10 |
| Lead Plum South | 4 | 13 | 36 | 17 | 3 | 10 | 28 | 13 | 6% | 1 |
| Lead Plum Deep | 226 | 466 | 894 | 523 | 176 | 363 | 697 | 408 | 6% | 24 |
| Lead Monkeythorn | 220 | 442 | 831 | 491 | 172 | 345 | 648 | 383 | 7% | 27 |
| TOTAL | 1765 | 3730 | 7566 | 4308 | 1377 | 2909 | 5901 | 3361 | 429 | |
Notes
Competent Person
GEO Exploration Limited resources information in this release is based on, and fairly represents, information and supporting documentation in a report compiled by Paul Howlett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Paul is Consultant Exploration Manager for Geo Exploration Limited and director/principal of Energy Explorers Limited. He has a Master’s Degree in Sedimentology from Birkbeck College of the University of London, is a Member of the American Association of Petroleum Geologists and has 30 years of experience in the oil and gas industry. Mr Howlett has consented in writing to the inclusion of the petroleum resources information in this announcement in the form and context in which it appears.
PEL0094 (Block 2011A)
Following further analyses of the existing 3D seismic data in PEL0094, the Unrisked Gross Prospective Resources for the Marula prospect have increased from 218 to 411 million barrels (Mean), an increase of 89%.
Together with the Welwitschia Deep prospect and the 7 leadsso far identified in the Licence area, this gives a new total Unrisked Gross Prospective Resources (Mean) of 3,522 million barrels of oil (“barrels”) for the Licence (previously 3,329 million barrels), an overall increase of 6%. On the basis of Global’s working interest in the Licence, the Prospective Resources (Mean) Net Attributable to Global for Marula are now 321 million barrels (previous estimate: 170 million barrels), giving total Unrisked Net Prospective Resources (Mean) on the Licence of 2,747 million barrels (previously 2,596 million barrels), also an overall increase of 6%.
In addition, the estimated chance of success for the Marula prospect has been increased from 22% to 29%, so that Risked Mean Prospective Resources attributable to Global – at its working interest of 78% in the Licence – are now 93 million barrels for Marula out of a new total of 326 million barrels for all the prospects and leads in the Licence. This means that Marula represents 29% of the total.
GEO’s ongoing technical work (including the interpretation of newly purchased 2D seismic data) will refine the geological model further and is expected to vindicate the Company’s view that the eastern part of PEL0094 is highly prospective.