Sweet Spot Yields Nearly 800 Million Barrels in New Evaluation
In a major development that could reshape Namibia’s energy landscape, GEO Exploration has unveiled a substantial increase in potential oil resources within its offshore Block 2011A. The AIM-listed company, formerly known as Global Petroleum, announced that an independent geoscience evaluation has identified two significant new sandstone leads—Emerald and Beryl—containing a staggering 792 million barrels of oil equivalent in unrisked gross mean prospective resources.
This discovery has catapulted the license-wide unrisked gross mean prospective resources on PEL 94 to approximately 4.31 billion barrels, representing a 23% increase from previously reported figures. GEO’s share on a risked net basis has surged by roughly 32% to 429 million barrels.
The evaluation has revealed robust structural closures with compelling evidence of an active petroleum system, including gas chimneys and flat spots, substantially de-risking the resource base. Located in waters approximately 750 meters deep, these discoveries position the eastern portion of the license as a potentially lucrative “sweet spot” for future exploration.
“Today’s resource upgrade underscores the tremendous potential we see in PEL 94 and the strong conviction we have in our Namibian licence,” said Omar Ahmad, CEO of GEO Exploration. “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.”
Source: offshore-energy.biz