NAMCOR UPDATE ON UPSTREAM OPERATIONS

Windhoek, Namibia — The National Petroleum Corporation of Namibia (NAMCOR) provides an update on the country’s ongoing upstream activities.

NAMCOR Exploration and Production (E&P), in collaboration with joint venture partners in PELs 56, 83, 85, and 90, will commence drilling four exploration and appraisal wells in the Orange Basin, offshore Namibia, between Q4 2024 and Q1 2025. This expansion in upstream oil and gas activities follows successful discoveries since 2022, along with valuable insights gained from recent well data and newly acquired 3D seismic surveys. Onshore, the drilling campaign continues in the Kavango Basin (PEL 73) to evaluate its hydrocarbon potential.

While the Orange Basin shows considerable promise, geophysical and geological studies indicate hydrocarbon potential in the Lüderitz, Walvis, and Namibe Basins. NAMCOR and its joint venture partners are conducting detailed studies in these basins to evaluate and de-risk areas with potential hydrocarbon accumulations. Although no wells are currently planned in the Lüderitz, Walvis, or Namibe Basins, ongoing analyses aim to identify and assess the hydrocarbon prospectivity of these regions.

NAMCOR remains committed to supporting the sustainable development of Namibia’s upstream sector, enhancing national energy security, and contributing to the local economy.

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