NAMCOR Exploration and Production Divestment of Orange Basin Permits

NAMCOR Exploration and Production Pty Ltd (NAMCOR) seeks potential partners or investors for 3 permits, PEL 67, 72 and 79 that operate in the Orange Basin, offshore Namibia.

 

NAMCOR is the operator of PEL 79, comprising of blocks 2815 and 2915 where they have a 67% working interest and local partner Giraffe Petroleum has 33% equity in this license.  NAMCOR is also the operator of PEL 72 & 67, comprising of blocks 2714 A & 2714B where they hold 67% working interest and local partner Quiver Oil & Gas holds 33% participating interest in the licence.

 

 

In PEL 79, there is an extensive  2D seismic data coverage, brokered by TGS, and in 2011, a 3D seismic survey was acquired by previous operator HRT covering 1,137 sq. km, processed to PSTM and PSDM accompanied by associated derivatives. Other available geophysical data includes regional gravity and magnetics.

 

There are four wells in this permit, and all open-file seismic, well data and reports will be available through Zebra Data Sciences’ online EzDataRoom VDR.

 

PEL 79 holds considerable hydrocarbon prospectively. These blocks lie in the same trend as previous gas and oil discoveries in the Orange Basin.

 

A total of 19 prospects and leads have been identified in blocks 2815 & 2915 by HRT Africa; of significance is the drill ready Meerkat and Sitatunga prospects that have been reported to contain significant un-risked volumes of oil, gas and condensate. As stated by the geological analysis of HRT (2011), the two prospects, Sitatunga and Meerkat have a combined mean recoverable resource potential of 2,185 MMBO and may be tested in a single well. Initial screening economics of the Meerkat prospect were very favourable.

 

In PEL 72 & 69, there is an extensive 2128 km 2D seismic data coverage and in 2009, a 3D seismic survey was acquired by previous operator Enigma covering 3,000 sq. km, processed to PSTM and PSDM accompanied by associated derivatives. Other available geophysical data includes regional gravity and magnetics.

 

There are three wells in these permits, and all open-file seismic, well data and reports will be available through Zebra Data Sciences’ online EzDataRoom VDR.

 

A number of leads and prospects have been identified in blocks 2714A & 2714B by Chariot Oil & Gas (2018), of significance are the drill ready Aptian Onlap 1 and Aptian Onlap 2 prospects that have been reported to contain significant un-risked volumes of gas. Aptian Onlap 1 and Aptian Onlap 2 are estimated to hold approximately > 10 and 3 TCF

gross prospective reserves respectively.

 

For more information visit: //www.hydrocarbondeals.com/NAMCOR Orange Basin Farmout

 

Or contact:

VSibeya@namcor.com.na

info@zebradata.com

Business Focus: NAMCOR’s own oil


NAMCOR Board Re-Appoints Immanuel Mulunga as Managing Director

Immanuel Mulunga has been re-appointed as the Managing Director of NAMCOR. His appointment was confirmed by the NAMCOR Board Chairperson, at a special press briefing with the media this morning.

 

Ms Comallie who was accompanied by fellow Board members, at their first press conference as a new Board, assured the public that they are looking forward to delivering on NAMCOR’s mandate, and that the Managing Director has the full support of the Board to implement the business plan.

 

“As you might be aware, the Managing Directors 5-year employment agreement with NAMCOR has come to an end on the 30th September 2020. The Board has diligently deliberated on the way forward, and after taking all factors into consideration, we have resolved to extend Mr Mulunga’s contract for another 5 years effective 1st October 2020’ said Comalie.

 

Mr Mulunga has been at the helm of NAMCOR as Managing Director for the last 5 years, and the new mandate will see him at NAMCOR for 10 years.

 

In the last 5 years, NAMCOR has made great strides under his leadership by maintaining an unqualified audit opinion in its financials since 2015, with a total cash of N$205 million in the bank. The oil company has seen a 56% growth in its revenue base over the last 5 years that saw NAMCOR exceeding the N$1 Billion mark. The company has strengthened its total asset base of approximately N$658 million to N$1.2 Billion, which is an increase of about 89% as at March 2020. A notable achievement is tripling the company’s market share from a mere 5% in 2015 to 13% at present, and importantly maintaining NAMCOR’s position as the market leader in the supply of heavy fuel oil

 

NAMCOR has been mandated by the Namibian government to manage its N$5.5 billion National Oil Storage Facility with a 70 million litres capacity and Jetty at Walvis Bay which is due for commissioning towards the end of 2020, presenting the company with an excellent opportunity to increase its competitiveness in the downstream space and ensuring Namibia’s security of supply of petroleum products now and in the future.

 

Comalie highlighted the strides NAMCOR made in the downstream space by rolling out 4 NAMCOR service stations in the last 2 years, with 4 currently under construction and another 4 planned for the current financial year. “According to our Retail Master Plan, we want to have at least 33 service stations across the country by the end of 2020/24 to cement our brand presence in Namibia” said Comalie.  Other major achievements include the signing of the multi-billion Husab Mine contract and successfully serving the Botswana market with fuel.

 

On the Upstream, NAMCOR has successfully farmed out two exploration licences to ExxonMobil and will now focus on the acquisition of production assets internationally.

 

Mr Mulunga in his acceptance speech thanked the Board for the trust they have shown in him by extending his contract. “I would like to thank the new Board for your support and giving me and my team the mandate to continue the great work that we have already done. NAMCOR is well on its way to greatness, and we plan to continue on this growth trajectory to become self-sustaining in the near future” said Mulunga.

 

In conclusion, the Board Chairperson reiterated their commitment to the NAMCOR brand, and that they will conduct and lead the organization purely based on its core values that being of Teamwork, Integrity, Proficiency, Innovation and Safety.

NAMCOR welcomes new Board of Directors

We are pleased to announce that the Minister of Public Enterprises, the Honourable Leon Jooste has appointed the following persons to constitute the new company Board:

Jennifer Comalie (Chairperson)

Timoteus Ekandjo (Vice-Chair)

Engelhardt Kongoro

Florentia Amuenje

Onni-Ndangi Iithete

Ndapwilapo Shimutwikeni

Tersia //Gowases

 

Their appointments are effective 10 August 2020 to 09 August 2023. Executive Management thanks the outgoing Board for its contribution to the NAMCOR agenda and looks forward to working with the new Board in taking the company to greater heights.