REG - Geo Exploration Ltd - PEL 94 - Major Resource Upgrade to 4.31bbl (Mean)
20/05/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250520:nRST3186Ja&default-theme=true
RNS Number : 3186J Geo Exploration Limited 20 May 2025
20 May 2025
GEO Exploration Limited
(Formerly Global Petroleum Limited)
("GEO " or the "Company")
Significant Resource Upgrade to 4.31 billion barrels (Mean) in PEL 94 Licence
Key Highlights
- 23 % uplift in unrisked licence‑wide prospective resources
to c. 4.31 billion barrels (mean).
- 618 million barrels (MMbbl) unrisked net mean now further
attributable to GEO's 78% working interest (103 MMbbl risk‑adjusted) in
PEL94.
- Prime Walvis Basin "sweet‑spot" location in 350-1 550 m
water depths; regional successes in the Namibia's Orange Basin (Venus, Graff,
Mopane) underline the country's deep‑water potential.
GEO Exploration Limited (AIM: GEO) is pleased to announce the results of an
independent geoscience evaluation of Licence PEL 94 (Block 2011A),
offshore Namibia. The study has greatly enhanced our understanding of the
potential in the eastern portion of PEL94 and it has identified two new
sandstone leads - Emerald (in the Albian) and Beryl (in the Cenomanian). The
work confirms substantial upside and a materially de‑risked resource base.
The evaluation concludes that Emerald and Beryl together contain 792 MMbbl
of unrisked gross mean prospective resources, with 726 MMbbl attributable to
Emerald and 66 MMbbl to Beryl. At GEO's 78% working interest this equates
to 618 MMbbl of net mean resources, while the assigned weighted Geological
Risk Factor (or geological chance of success) yields 103 MMbbl of
risk‑adjusted net mean resources.
Importantly, 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 therefore 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," an
area benefiting from improved charge maturity modelling, while recent
world‑class discoveries in the Orange Basin to the south (Venus, Mopane,
Capricornus) highlight the prolific nature of Namibia's Atlantic margin.
Omar Ahmad, Chief Executive Officer of GEO Exploration Limited, commented:
"Before commenting on these exciting results, I would first like to
congratulate Her Excellency Dr Netumbo Nandi-Ndaitwah on her appointment as
President of Namibia and Victoria Sibeya on her appointment as
Acting Managing Director of the National Petroleum Corporation of Namibia
(NAMCOR). I would like to thank Petroleum Commissioner Maggy Shino, the
Namibia Ministry of Mines and Energy and our partners for their continued
support to Geo.
Today's resource upgrade underscores the tremendous potential we see in PEL 94
and the strong conviction we have in our Namibian licence. Our technical team
has done a terrific job delivering new, material leads on the eastern side of
the block. With excitement building across Namibia-and particularly in the
Walvis Basin-we are actively progressing farm-out discussions to secure the
best outcome for our shareholders"
Volumetrics of Prospects and Leads for PEL 94
The Prospective Resources are detailed in Table A below and have been
classified in accordance with the Society of Petroleum Engineers Petroleum
Resources Management System (SPE-PRMS), and have been estimated using a
probabilistic method. They are based on 3D and 2D seismic data and geological
information, including analogues, to which GEO has access. The prospects are
considered viable drilling targets. The leads require more data and/or
evaluation before they can be considered viable drilling targets.
Table A:
Estimates of gross attributable Prospective Resources and net attributable
Prospective Resources in PEL0094.
GEO*** is operator of licence PEL 94 (Oil, millions of barrels)
Gross* Prospective Resources within PEL0094
Prospect / Lead 1U 2U 3U Mean Estimate
Low Estimate
Best Estimate
High Estimate (P10)
(P90)
(P50)
Prospect
Welwitschia Deep 162 671 1863 881
Marula 237 392 606 411
Lead
Emerald (Albian) 227 564 1400 726
Beryl (Cenomanian) 32 59 109 66
Ana 42 91 175 102
Quiver Tree 275 476 786 508
Quiver Tree South 262 396 566 407
Plum 79 164 311 182
Plum South 4 13 36 17
Plum Deep 226 466 894 523
Monkeythorn 220 442 831 491
TOTAL 1767 3735 7577 4314
Net Attributable** Prospective Resources
(NAPR) within PEL0094
Prospect / Lead 1U 2U 3U Mean Estimate Geological Risk Factor % Risked NAPR in PEL0094
Low Estimate
Best Estimate
High Estimate (P10)
(P90)
(P50)
Prospect
Welwitschia Deep 126 523 1453 687 14% 96
Marula 185 306 473 321 29% 93
Lead
Emerald (Albian) 177 440 1092 566 17% 96
Beryl (Cenomanian) 25 46 85 52 13% 7
Ana 33 71 137 80 11% 9
Quiver Tree 215 371 613 396 11% 44
Quiver Tree South 204 309 441 317 7% 22
Plum 62 128 243 142 7% 10
Plum South 3 10 28 13 6% 1
Plum Deep 176 363 697 408 6% 24
Monkeythorn 172 345 648 383 7% 27
TOTAL 1378 2913 5910 3365 - 429
Table B
Summary of headline volumetrics of newly evaluated Lead in the eastern blocks
(Oil, millions of barrels)
Lead / Prospect Working Interest Unrisked Gross Mean Net Attributable Mean Geological Risk Factor % Risked Net Mean
Emerald (Albian) 78 % 726 566 17 % 96
Beryl (Cenomanian) 78 % 66 52 13 % 7
Total - 792 618 - 103
Table C
Licence Wide Prospective Resources - Comparison of the total unrisked and
risked resource base for PEL 94 before and after the 2025 Emerald‑Beryl
evaluation
Data Date Unrisked Gross Mean (MMbbl) Net Attributable Mean (MMbbl) Risked Net Mean (MMbbl)
March 2023 3522 2747 326
May 2025 4314 3365 429
%Change +23 % +23 % +32 %
Figures for March 2023 derived from the prior independent assessment for
PEL 94;
May 2025 figures integrate the newly evaluated Emerald and Beryl leads.
* "Gross" means 100% of the resources attributable to the Licence, so does not
include any resources outside of the Licence.
** 'Net Attributable' are those resources attributable to Global Petroleum Ltd
at its working interest of 78% (these are not net of the 5% royalty)
*** The operator of the Licence is Global Petroleum Namibia Limited, a 100%
subsidiary of Global Petroleum Exploration Limited, which is a 100% subsidiary
of GEO Exploration Limited
"1U, 2U and 3U" denotes the unrisked low, best and high estimates respectively
qualifying as Prospective Resources, and where there should be at least a 90%,
50% and 10% probability respectively that the quantities recovered will equal
or exceed the estimates
"Risk Factor" is the estimated probability that exploration activities will
confirm the existence of a significant accumulation of potentially recoverable
petroleum. This, then, is the chance or probability of Prospective Resources
maturing into a Contingent Resource. Where a prospect could contain either oil
or gas the hydrocarbon type with the higher probability of being discovered
has been listed in the table.
"Prospective Resources" is the estimated quantities of petroleum that may be
potentially recovered by the application of a future development project(s)
relate to undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk of development. Further exploration, appraisal
and evaluation are required to determine the existence of a significant
quantity of potentially moveable hydrocarbons.
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations ("MAR").
Upon the publication of this announcement via a Regulatory Information Service
("RIS"), this inside information is now considered to be in the public domain.
For further information please visit: www.geoexplorationlimited.com
(http://www.geoexplorationlimited.com) or contact:
GEO Exploration Limited investors@geoexpltd.com
Hamza Choudhry, CFO and Executive Director
SPARK Advisory Partners Limited (Nominated Adviser) +44 (0) 20 3368 3555
Andrew Emmott, Jade Bayat
CMC Markets (Joint Broker) +44 (0) 20 3003 8632
Douglas Crippen
SI Capital Limited +44 (0) 14 8341 3500
Nick Emerson
Follow us on social media
This announcement has been issued by and is the sole responsibility of the
Company.
Technical Background
Regional Context - While Walvis Basin itself is still emerging, the
neighbouring Orange Basin has delivered the giant Venus‑1X, Graff‑1X and
Mopane‑1X discoveries, demonstrating an active Cretaceous oil‑prone
petroleum system along the Namibian margin.
Trap Geometry & Leads - Normal‑fault‑bounded blocks create robust
structural closure; mapping indicates ~75 m vertical relief on Emerald and
~50 m on Beryl.
Reservoir - Turbidite sandstones are expected; an Albian canyon system
provides sediment fairways. Nearby wells corroborate reservoir presence.
Seal - Thick intra‑formational shales above both objectives; transparent
packages observed on seismic.
Source & Charge - Barremian-Aptian Kudu Shale is modelled to be mature
beneath PEL 94; seismic shows gas chimneys and amplitude anomalies
consistent with active charge.
Risking - Principal uncertainties are trap geometry (awaiting 3‑D seismic
data) and reservoir quality; the Geological Risk Factors reflects these
factors.
Licence Information in PEL 94
Location of PEL 94 (Block 2011A) and Prospects/Leads
PEL 94 covers an area of 5,798 square kilometres offshore northern Namibia in
water depths ranging from 350 to 1,550 metres, as shown in figure 1 below.
The two prospects and 9 leads for PEL 94 (including the newly identified leads
Emerald and Beryl) are shown in figure 2 below.
Figure 1: Location map for Geo's Namibian licence PEL 94 (Block 2011A)
Figure 2: Prospect and lead portfolio map for GEO's
Namibian licence PEL 94
Participating Interests in PEL 94:
78% Global Petroleum Namibia Limited (100% owned subsidiary of GEO Exploration
Limited)
17% National Petroleum Corporation of Namibia (Proprietary) Limited ("Namcor",
the Namibian State Oil Company)
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe", a private Namibian
company)
Namcor and Aloe are carried by Global (GEO).
Competent Person - New 2025 Data
The petroleum resources information in this release is based on, and fairly
represents, information and supporting documentation in a report compiled by
Gil Machado, who is a qualified person for the purposes of the AIM Guidance
Note for Mining, Oil and Gas Companies. Gil is the Technical Manager at
Chronosurveys Lda, a Geological consulting company providing services
internationally. He has a PhD in Stratigraphy and Petroleum Geology and 15
years of experience in the oil and gas industry, dealing with projects in West
Africa, Brazil, Middle East and Portugal. He is a member of the American
Association of Petroleum Geologists and the European Association of
Geoscientists and Engineers.
Doctor Gil Machado has consented in writing to the inclusion of the petroleum
resources information in this announcement in the form and context in which it
appears.
Competent Person - Data 2023
The petroleum resources information in this release is based on, and fairly
represents, information and supporting documentation in a report compiled by
Paul Howlett, who is a qualified person for the purposes of the AIM Guidance
Note for Mining, Oil and Gas Companies. Paul is Consultant Exploration Manager
for Global Petroleum and director/principal of Energy Explorers Limited. He
has a Master's Degree in Sedimentology from Birkbeck College of the University
of London, is a Member of the American Association of Petroleum Geologists and
has 30 years of experience in the oil and gas industry. Mr Howlett has
consented in writing to the inclusion of the petroleum resources information
in this announcement in the form and context in which it appears.
Net Attributable** Prospective Resources
(NAPR) within PEL0094
Prospect / Lead 1U 2U 3U Mean Estimate Geological Risk Factor % Risked NAPR in PEL0094
Low Estimate
Best Estimate
High Estimate (P10)
(P90)
(P50)
Prospect
Welwitschia Deep 126 523 1453 687 14% 96
Marula 185 306 473 321 29% 93
Lead
Emerald (Albian) 177 440 1092 566 17% 96
Beryl (Cenomanian) 25 46 85 52 13% 7
Ana 33 71 137 80 11% 9
Quiver Tree 215 371 613 396 11% 44
Quiver Tree South 204 309 441 317 7% 22
Plum 62 128 243 142 7% 10
Plum South 3 10 28 13 6% 1
Plum Deep 176 363 697 408 6% 24
Monkeythorn 172 345 648 383 7% 27
TOTAL 1378 2913 5910 3365 - 429
Table B
Summary of headline volumetrics of newly evaluated Lead in the eastern blocks
(Oil, millions of barrels)
Lead / Prospect Working Interest Unrisked Gross Mean Net Attributable Mean Geological Risk Factor % Risked Net Mean
Emerald (Albian) 78 % 726 566 17 % 96
Beryl (Cenomanian) 78 % 66 52 13 % 7
Total - 792 618 - 103
Table C
Licence Wide Prospective Resources - Comparison of the total unrisked and
risked resource base for PEL 94 before and after the 2025 Emerald‑Beryl
evaluation
Data Date Unrisked Gross Mean (MMbbl) Net Attributable Mean (MMbbl) Risked Net Mean (MMbbl)
March 2023 3522 2747 326
May 2025 4314 3365 429
% Change +23 % +23 % +32 %
Figures for March 2023 derived from the prior independent assessment for
PEL 94;
May 2025 figures integrate the newly evaluated Emerald and Beryl leads.
* "Gross" means 100% of the resources attributable to the Licence, so does not
include any resources outside of the Licence.
** 'Net Attributable' are those resources attributable to Global Petroleum Ltd
at its working interest of 78% (these are not net of the 5% royalty)
*** The operator of the Licence is Global Petroleum Namibia Limited, a 100%
subsidiary of Global Petroleum Exploration Limited, which is a 100% subsidiary
of GEO Exploration Limited
"1U, 2U and 3U" denotes the unrisked low, best and high estimates respectively
qualifying as Prospective Resources, and where there should be at least a 90%,
50% and 10% probability respectively that the quantities recovered will equal
or exceed the estimates
"Risk Factor" is the estimated probability that exploration activities will
confirm the existence of a significant accumulation of potentially recoverable
petroleum. This, then, is the chance or probability of Prospective Resources
maturing into a Contingent Resource. Where a prospect could contain either oil
or gas the hydrocarbon type with the higher probability of being discovered
has been listed in the table.
"Prospective Resources" is the estimated quantities of petroleum that may be
potentially recovered by the application of a future development project(s)
relate to undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk of development. Further exploration, appraisal
and evaluation are required to determine the existence of a significant
quantity of potentially moveable hydrocarbons.
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations ("MAR").
Upon the publication of this announcement via a Regulatory Information Service
("RIS"), this inside information is now considered to be in the public domain.
For further information please visit: www.geoexplorationlimited.com
(http://www.geoexplorationlimited.com) or contact:
GEO Exploration Limited
Hamza Choudhry, CFO and Executive Director
investors@geoexpltd.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott, Jade Bayat
+44 (0) 20 3368 3555
CMC Markets (Joint Broker)
Douglas Crippen
+44 (0) 20 3003 8632
SI Capital Limited
Nick Emerson
+44 (0) 14 8341 3500
Follow us on social media
This announcement has been issued by and is the sole responsibility of the
Company.
Technical Background
Regional Context - While Walvis Basin itself is still emerging, the
neighbouring Orange Basin has delivered the giant Venus‑1X, Graff‑1X and
Mopane‑1X discoveries, demonstrating an active Cretaceous oil‑prone
petroleum system along the Namibian margin.
Trap Geometry & Leads - Normal‑fault‑bounded blocks create robust
structural closure; mapping indicates ~75 m vertical relief on Emerald and
~50 m on Beryl.
Reservoir - Turbidite sandstones are expected; an Albian canyon system
provides sediment fairways. Nearby wells corroborate reservoir presence.
Seal - Thick intra‑formational shales above both objectives; transparent
packages observed on seismic.
Source & Charge - Barremian-Aptian Kudu Shale is modelled to be mature
beneath PEL 94; seismic shows gas chimneys and amplitude anomalies
consistent with active charge.
Risking - Principal uncertainties are trap geometry (awaiting 3‑D seismic
data) and reservoir quality; the Geological Risk Factors reflects these
factors.
Licence Information in PEL 94
Location of PEL 94 (Block 2011A) and Prospects/Leads
PEL 94 covers an area of 5,798 square kilometres offshore northern Namibia in
water depths ranging from 350 to 1,550 metres, as shown in figure 1 below.
The two prospects and 9 leads for PEL 94 (including the newly identified leads
Emerald and Beryl) are shown in figure 2 below.
Figure 1: Location map for Geo's Namibian licence PEL 94 (Block 2011A)
Figure 2: Prospect and lead portfolio map for GEO's
Namibian licence PEL 94
Participating Interests in PEL 94:
78% Global Petroleum Namibia Limited (100% owned subsidiary of GEO Exploration
Limited)
17% National Petroleum Corporation of Namibia (Proprietary) Limited ("Namcor",
the Namibian State Oil Company)
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe", a private Namibian
company)
Namcor and Aloe are carried by Global (GEO).
Competent Person - New 2025 Data
The petroleum resources information in this release is based on, and fairly
represents, information and supporting documentation in a report compiled by
Gil Machado, who is a qualified person for the purposes of the AIM Guidance
Note for Mining, Oil and Gas Companies. Gil is the Technical Manager at
Chronosurveys Lda, a Geological consulting company providing services
internationally. He has a PhD in Stratigraphy and Petroleum Geology and 15
years of experience in the oil and gas industry, dealing with projects in West
Africa, Brazil, Middle East and Portugal. He is a member of the American
Association of Petroleum Geologists and the European Association of
Geoscientists and Engineers.
Doctor Gil Machado has consented in writing to the inclusion of the petroleum
resources information in this announcement in the form and context in which it
appears.
Competent Person - Data 2023
The petroleum resources information in this release is based on, and fairly
represents, information and supporting documentation in a report compiled by
Paul Howlett, who is a qualified person for the purposes of the AIM Guidance
Note for Mining, Oil and Gas Companies. Paul is Consultant Exploration Manager
for Global Petroleum and director/principal of Energy Explorers Limited. He
has a Master's Degree in Sedimentology from Birkbeck College of the University
of London, is a Member of the American Association of Petroleum Geologists and
has 30 years of experience in the oil and gas industry. Mr Howlett has
consented in writing to the inclusion of the petroleum resources information
in this announcement in the form and context in which it appears.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDGPURCAUPAPWBRecent news on GEO Exploration
See all newsREG - Geo Exploration Ltd - Juno Project – Electrical Geophysics Commencement
AnnouncementREG - Geo Exploration Ltd - Juno Project – Execution of Heritage Agreement
AnnouncementREG - Geo Exploration Ltd - Juno Project – Results of Geophysical Modelling
AnnouncementREG - Geo Exploration Ltd - PEL 94 - Major Resource Upgrade to 4.31bbl (Mean)
AnnouncementREG - Geo Exploration Ltd - Juno Project -Exploration Licence E08/3497 Granted
Announcement