Grand Gulf makes entry into offshore Namibia
Grand Gulf Energy entered into a binding Option Agreement, providing Grand Gulf with an exclusive option to acquire 100% of Wrangel.
Wrangel is an applicant for a 70% working interest in a Petroleum Exploration License (PEL) over Block 2312 in the Walvis Basin, offshore Namibia. The application is in partnership with Namibian-based oil and gas company TSE Oil and Gas (20% WI) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10% WI).
Under the terms of the agreement, consideration is only payable upon the successful granting of the PEL, offering Grand Gulf a low-cost entry into one of the world’s most prospective frontier basins.
Offshore Namibia has seen a series of recent significant oil discoveries resulting in over 11 billion barrels of oil discovered to date with global oil and gas super-majors such as Shell, Chevron, TotalEnergies and GALP all active in the area, with seven wells scheduled to be drilled in 2025.
The groundbreaking Graff-1 oil well drilled offshore Namibia by Shell in 2022 catapulted Namibia to the forefront of global oil exploration. By early 2025, after drilling 17 exploration wells and six appraisal wells, the overall success rate in the
Orange Basin since 2022, is greater than 80%. Grand Gulf’s entry into Block 2312 offers material exposure to this emerging petroleum province.
