Grand Gulf Energy (ASX: GGE) is set to explore offshore Namibia, joining major players like Shell, Chevron, and TotalEnergies. The company has entered a binding option agreement to acquire 100% of Wrangel Pty Ltd, which has applied for a 70% working interest in Block 2312 within the Walvis Basin. This application is in partnership with TSE Oil and Gas (20%) and the National Petroleum Corporation of Namibia (10%).
Block 2312, located south of Chevron-operated PEL 82, spans approximately 16,800 square kilometers. Previous operator Chariot conducted seismic surveys, identifying potential prospects. Historic data indicates well-developed source rocks and oil-saturated sandy reservoirs, estimating a mean prospective resource of 1.1 billion barrels of oil. Namibia’s Orange Basin has seen an 80% success rate since 2022, with over 11 billion barrels discovered.
To support its Namibian venture, Grand Gulf has secured $700,000 through a placement to fund Block 2312 evaluation. The company has appointed Havoc Services as a corporate and technical advisor to assess the Block 2312 opportunity and scout other frontier basin opportunities. Havoc subsidiary Harmattan Energy previously operated PEL 90 in Namibia, selling it to Chevron in 2022, demonstrating the increasing interest and value of Namibian offshore exploration.
