Grand Gulf Energy Limited is set to enter the offshore oil and gas sector after securing an exclusive option to acquire 100% of Wrangel Pty Ltd, which has applied for a 70% working interest in Block 2312, located in the Walvis Basin.
The Australian-listed company, which currently focuses on helium exploration in the United States, said Block 2312 spans approximately 16,800 square kilometres in water depths ranging from 1,400 to 2,000 metres offshore Namibia.
The block lies within a proven hydrocarbon province where more than 11 billion barrels of oil have been discovered in recent years. The area continues to attract interest from major international energy firms, including Shell, Chevron, TotalEnergies and GALP, with seven exploration wells scheduled for drilling in 2025.
According to Grand Gulf, independent auditors Nether Sewell and Associates Inc. have estimated a mean un-risked prospective resource of 1.1 billion barrels across three prospects within the block.
“The only well drilled to date confirmed reservoir quality and guided focus to the northeast of the block, where migration pathways are now better understood,” the company noted in a report.
To support technical evaluation and future exploration, 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.
The company added that acquisition costs would only become payable once a Petroleum Exploration Licence (PEL) for Block 2312 is granted, thereby limiting upfront financial exposure.
