Stamper Oil & Gas and Sintana have welcomed the TotalEnergies farm-in, with both companies saying the development reinforces growing confidence in Namibia’s Orange Basin and strengthens the value proposition of neighbouring licences.
With TotalEnergies increasing its commitment to Namibian offshore exploration through a 40% working interest farm-in to Galp’s PEL 83, which contains the giant Mopane discovery, Stamper said the transaction validates expectations for rising industry activity and renewed interest from major partners.
Total will pay 50% of costs under the farm-in carry arrangement.
Stamper highlighted that Galp, after farming out part of its Mopane position, simultaneously secured a 10% working interest in PEL 56 from Total and QatarEnergy — the block that hosts the Venus discovery, expected to be the first Orange Basin project to reach Final Investment Decision (FID), unless the Rhino/Azule partnership moves ahead faster.
Galp also acquired a 9.39% working interest in PEL 91, which contains significant prospects immediately south of Stamper’s acreage.
Stamper said these developments strengthen its view of the potential and value of PEL 107, located northwest of PEL 56 and north of PEL 91.
The company noted that the Total–Galp deal follows Shell’s recent farm-in to Block 2C offshore South Africa, which helped lift Eco Atlantic’s share price by more than 160% in a week.
Stamper drew comparisons with previous market reactions to indirect developments affecting junior explorers such as Eco and ReconAfrica, stating that activity by majors often drives significant re-rating of small-cap companies.
Stamper is preparing a farm-out data room for PEL 107, expected to open in January, while technical work on PEL 102, where it holds a 20% carried interest, has identified new play types and encouraging leads. In the Walvis Basin, Stamper holds PEL 106 and PEL 98 (each with a 5% carried interest), where Chevron plans to kick off exploration in 2026.
The company said continued farm-in activity in both the Orange and Walvis basins is likely, creating direct and indirect catalysts for Stamper and adjacent licence holders.
At a current valuation of US$11.5 million, Stamper said it is trading at less than US$2.9 million per licence, compared to historical averages of around US$5 million per PEL.
In a separate statement, Sintana Energy confirmed the terms of the same Total–Galp agreement as it relates to PEL 83, where the company maintains an indirect 4.9% interest through its shareholding in Custos Energy. NAMCOR also holds a 10% working interest.
Under the agreement, TotalEnergies will assume operatorship of PEL 83 and take a 40% participating interest from Galp.
The deal includes a commitment to an exploration and appraisal programme of at least three wells over the next two years, with the first potential well under consideration for 2026.
Total and Galp also signed a funding arrangement under which Total will carry 50% of Galp’s investments into the first Mopane development, recoverable from future cash flows after first oil. Custos continues to benefit from the existing carry provisions in the Joint Operating Agreement.
The transaction is subject to Namibian regulatory and joint-venture approvals and is expected to close in 2026.
Sintana CEO Robert Bose said TotalEnergies’ joining PEL 83 as operator and major participant underscores the “quality and scale” of the Mopane discoveries. He added that the increased technical and financial resources committed to the block create an opportunity to enhance the value of Sintana’s interest further.
Sintana holds interests in five large petroleum exploration licences in Namibia and is in advanced stages of acquiring Challenger Energy Group Plc, which will add Uruguayan offshore acreage to its portfolio.
