Namibia's state oil company has identified two major promising structures for drilling in the shallow-water section of the Orange Basin, located east of the undeveloped Kudu gas condensate field. The estimated reserves in these prospects could amount to several billion barrels of oil.

License Management and Partners

Namcor manages the oil and gas exploration license (PEL 79) jointly with local company Giraffe Energy. Currently, the search is underway for a new investor to further explore the asset's potential. The partners hold blocks 2815 and 2915 and are in the process of extending the second term of the license.

Geological Studies and Prospective Targets

Most seismic data for PEL 79 is in 2D format, but analysis of 3D data from the western part of the area has revealed several promising structures. The main targets of interest are Meerkat and Sitatunga, located in the lower and upper Cretaceous periods. Preliminary estimates suggest that total reserves at these sites could reach 4.5 billion barrels of oil: up to 2.4 billion at Meerkat and up to 2.1 billion at Sitatunga.

Both prospects are stratigraphic traps. The structures consist of five stacked reservoirs, with zones of multilayered structure also identified between them. The total reservoir thickness is estimated at up to 600 meters for Meerkat and up to 400 meters for Sitatunga. The source rocks in the block are considered to be both marine (Aptian stage) and lacustrine syn-rift for both targets.

Comparison with Other Areas and Drilling History

Geologically, the PEL 79 license lies on the same syn-rift trend as a block in South African waters, where the AJ-1 well was previously drilled and found sub-commercial oil volumes. In 2022, Eco Atlantic drilled the Gazania-1 well in South Africa, also targeting a similar formation, but no commercial reserves were discovered.

License Ownership and Structure

Namcor holds approximately 67% of the 13,829 sq. km license, while Giraffe Energy owns about 33%. Sintana Energy has an indirect 16.17% interest through an earlier deal related to Giraffe. One exploration well, 2815-1, has been drilled on the block, confirming the presence of hydrocarbons. Water depths in the block reach up to 210 meters.