The joint venture partners in PEL 79 license, which include the National Petroleum Corporation of Namibia (NAMCOR) and Giraffe Energy Investments, have secured a 12-month extension to the exploration period for offshore blocks in Namibia’s Orange Basin.
The PEL 79 license governs blocks 2815 and 2915, with Giraffe owning a 33% interest in PEL 79 and Namcor, as the operator, 67% interest.
Sintana Energy maintains a 49% ownership interest in Giraffe, following the completion of acquisition of shares in the company in June, 2024.
PEL 79 sits inboard of licenses operated by BW Energy, Rhino Resources and Shell. The license is said to be attractively situated to deliver significant value through an existing prospect inventory underpinned by over 4,760 km of 2D seismic, 1,137 km2 of 3D seismic and 1 well with gas shows intersecting the Kudu source rock.
Additionally, PEL 79 sits adjacent to an emerging microregional dynamic focused on oil-weighted prospectivity.
Rhino Resources, operator of PEL 85 which sits directly outboard to the west of PEL 79, has drilled two wells including the Capricornus-1X discovery well which returned a flow test in excess of 11,000 barrels per day of light oil with limited associated gas from a 38-metre net oil-bearing reservoir.
Additional drilling activity is expected to being in the third quarter of 2025, initially targeting the Volans prospect, with up to two optional wells that could include appraisals.
Also, BW Energy has acquired 4,600 square kilometers of new 3D seismic over PEL 3, located directly west of PEL 79, and has moved to initiate an exploration and appraisal campaign including drilling the Kharas well located northwest of Kudu during H2 2025.
“We appreciate the leadership by our joint venture partner NAMCOR to secure the extension for PEL 79. Extending our exposure during a period of significant offset activity positions us to fully realize the significant geologic, commercial, and strategic value of PEL 79.
“The potential for high impact progress on PEL 79 adds to the prospect for significant developments across our Namibian offshore portfolio. We expect material progress on all our licenses over the coming quarters,” said Robert Bose, Chairman of Giraffe and Chief Executive Officer of Sintana.