Geo Exploration, which holds a majority stake in PEL94 offshore Namibia, projects a potential yield of about 4.31 billion barrels of oil. Recent seismic surveys have revealed well-defined structures, bounded by dips and faults, that indicate promising trap formations.
Interpretation of the seismic data uncovered direct signs of hydrocarbons—such as gas chimneys and flat spots—suggesting an active petroleum system with strong hydrocarbon migration. These findings significantly boost the chances that the identified leads contain oil. The targeted structures lie in waters approximately 750 meters deep.
Encouraged by these positive results, the company is now advancing discussions on possible farm-out agreements.
Geo Exploration’s CEO, Omar Ahmad, began by offering congratulations to Namibia’s new President and the Acting Managing Director of NAMCOR. He expressed gratitude to the Petroleum Commissioner, the Ministry of Mines and Energy, and all supporting partners.
He emphasized that the latest resource upgrade reflects the high potential of the PEL94 block and reinforces the company’s confidence in its Namibian asset. He also credited the technical team for uncovering valuable new leads in the eastern section of the block. With increasing interest across Namibia, particularly in the Walvis Basin, the company is actively negotiating to secure the best possible outcome for its shareholders.
source: oilreviewafrica.com
