Grand Gulf Energy Secures Option for Offshore Namibia Oil Block with 1.1 Billion Barrels Prospective Resource
Grand Gulf Energy Limited is set to make its entry into the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd.
Wrangel has applied for a 70% working interest in Block 2312, located in Namibia’s Walvis Basin.
The Australian-listed company, which currently specializes in helium exploration in the United States, announced that Block 2312 covers approximately 16,800 square kilometres. The offshore area lies in water depths ranging from 1,400 to 2,000 metres.
Situated within a proven hydrocarbon province, Block 2312 is part of a region where over 11 billion barrels of oil have been discovered in recent years.
The Walvis Basin continues to attract significant attention from global energy majors such as Shell, Chevron, TotalEnergies, and GALP, with seven exploration wells scheduled for drilling in 2025.
According to independent auditors Netherland Sewell and Associates Inc., the block contains a mean un-risked prospective resource of approximately 1.1 billion barrels of oil across three primary prospects.
“The only well drilled in the block to date confirmed reservoir quality and has redirected exploration focus to the northeast, where hydrocarbon migration pathways are now better understood,” Grand Gulf stated in its announcement.
To support its technical evaluation and future exploration plans, Grand Gulf has engaged Havoc Services, led by geoscientist Alan Stein, who has been involved in the discovery of more than 2 billion barrels of oil equivalent globally.
Importantly, the company emphasized that acquisition costs will only become payable once a Petroleum Exploration Licence (PEL) for Block 2312 is granted, thereby minimizing upfront financial exposure.
