Stamper Oil & Gas has indicated that a farm-down process for PEL 107 is expected to continue into the first half of 2026, aimed at attracting additional capital and technical partners to fund seismic acquisition and, eventually, exploration drilling.
That process sits at the centre of the company’s Namibian offshore strategy following its entry into the country’s upstream sector in 2025 through the acquisition of BISP Exploration Inc.
The BISP transaction gave Stamper exposure to five offshore blocks held under four Petroleum Exploration Licences across the Orange, Walvis and Lüderitz basins.
The portfolio provides diversified access to Namibia’s offshore geology rather than reliance on a single licence, spreading technical risk while maintaining leverage to potential discovery upside.
Stamper does not operate the licences but participates as a non-operating partner alongside established operators and joint-venture participants.
PEL 107, located in the Orange Basin, is the most strategically significant asset within Stamper’s portfolio. The company holds a 32.9 per cent working interest in the licence, placing it directly in the basin that has driven Namibia’s offshore resurgence following a series of significant discoveries by international operators in recent years.
The Orange Basin continues to attract attention as appraisal and follow-up exploration activity builds momentum across adjacent licences.
On PEL 107, current work is focused on advancing seismic interpretation and prospect definition to strengthen the technical foundation for a farm-out transaction.
The objective is to mature identified leads to a point where potential partners can commit capital with greater confidence in subsurface risk and volumetric potential.
Stamper’s involvement includes technical review, joint venture coordination, and commercial support for the farm-down process rather than operational execution.
In the Walvis Basin, Stamper holds carried interests in PELs 106 and 98. These positions provide participation in exploration upside without immediate funding obligations for seismic or drilling programmes.
The Walvis Basin has gained renewed industry attention as operators look beyond the Orange Basin to test additional petroleum systems along Namibia’s Atlantic margin.
Stamper’s exposure in this basin allows the company to benefit from partner-led technical work, including seismic reprocessing and geological reinterpretation, while maintaining capital discipline.
The Lüderitz Basin exposure adds a longer-term frontier component to the portfolio.
Exploration maturity in this basin remains limited, but regional studies suggest an underexplored potential that could become relevant as offshore activity expands southward.
Stamper’s interest in this basin is therefore positioned as strategic optionality rather than near-term operational focus.
Across all five offshore blocks, the company’s 2026 programme centres on seismic maturation, geological modelling and joint-venture alignment rather than committing to independent drilling.
Management has been clear that offshore capital intensity requires disciplined partnering and phased risk sharing. Any future drilling exposure is expected to be funded through farm-out structures or carried interests rather than direct balance-sheet deployment.
The broader offshore exploration environment supports this strategy. Several international operators are preparing exploration campaigns offshore Namibia during 2026, including expected drilling activity in the Walvis Basin by major companies.
While these programmes are not directly linked to Stamper’s licences, successful wells in neighbouring blocks could recalibrate basin confidence, improve geological understanding and enhance the attractiveness of adjacent acreage, including Stamper’s portfolio.
During 2025, Stamper focused on integrating the BISP acquisition, consolidating licence documentation, establishing regulatory engagement frameworks and aligning technical reporting systems across the portfolio.
This groundwork allows the company to enter 2026 with clearer visibility on joint-venture obligations, regulatory compliance and data management, reducing execution risk as technical and commercial activity accelerates.
Farm-out execution on PEL 107 is expected to remain the primary commercial milestone through the first half of 2026. Such transactions typically involve extended data room access, technical due diligence, financial modelling, and regulatory approvals, often spanning several quarters.
Securing a partner would materially reduce Stamper’s funding exposure while preserving upside participation in future drilling outcomes.
In parallel, Stamper will continue supporting partner-led seismic planning and interpretation cycles across its interests. This includes reviewing updated seismic products, integrating regional stratigraphic models and contributing to prospect ranking discussions.
These activities ensure that Stamper remains embedded in the technical evolution of the projects, even though it does not operate.
Importantly, the company has not announced any standalone drilling commitments for 2026. Its near-term exposure remains contingent on partner decisions, regulatory approvals and successful farm-down outcomes.
This conservative posture reflects both the financial scale of offshore exploration and the early maturity of several portfolio assets.
Strategically, Stamper’s 2026 outlook is defined by portfolio positioning rather than execution risk. By advancing seismic understanding, securing aligned partners and embedding itself within a region of increasing offshore momentum, the company is laying the groundwork for participation in future drilling cycles without overextending its capital base.
As Namibia’s offshore sector continues to attract global technical and financial interest, Stamper’s diversified exposure across the Orange, Walvis and Lüderitz basins provides multiple pathways to value creation.
The year ahead will test the company’s ability to convert that exposure into funded, technically de-risked opportunities that can progress toward drilling in subsequent phases.
