Geo Exploration Limited (formerly Global Petroleum Limited) has identified two new sandstone leads – Emerald and Beryl – on PEL 94 Block 2011A in the Walvis Basin.
PEL 94 covers an area of 5,798 square kilometres offshore northern Namibia in water depths ranging from 350 to 1,550 metres.
A recent study concluded that Emerald and Beryl contain 792 MMbbl of unrisked gross mean prospective resources, with 726 MMbbl attributable to Emerald and 66 MMbbl to Beryl.
These upgraded numbers lift the licence‑wide unrisked gross mean prospective resources on PEL 94 to approximately 4.31 billion barrels, representing a 23 % increase over the 3.52 billion barrels announced on 27 March 2023.
On a risked net basis, GEO’s share has grown by roughly 32 % to 429 MMbbl.
Seismic mapping has delineated robust, dip and fault‑bounded structural closures.
The seismic data interpretation has also highlighted direct hydrocarbon indicators in the area, including gas chimneys and flat spots, providing strong evidence for an active petroleum system, migration of hydrocarbons throughout the section, and increasing the chance that the leads are charged with oil.
The water depth is c.750 m at the location of the leads identified. The 5798 km² licence area sits within the Walvis Basin “sweet‑spot,” benefiting from improved charge maturity modelling.
Geo Exploration CEO Omar Ahmad says the resource upgrade underscores the tremendous potential in PEL 94 and the company’s firm conviction.
“We are actively progressing farm-out discussions to secure the best outcome for our shareholders,” Ahmad says.
