GEO Exploration Limited says it is continuing discussions with multiple parties to farm out its offshore petroleum exploration licence in Namibia’s Walvis Basin, as interest in the region strengthens following renewed exploration activity.
The AIM-listed company holds a 78% interest in Petroleum Exploration Licence (PEL) 0094, which covers about 5,798 square kilometres offshore north-west Namibia in water depths ranging from 450 to 1,550 metres.
In May 2025, GEO reported a significant uplift in prospective resources on the licence, with gross mean estimates increasing to approximately 4.31 billion barrels.
According to Chief Executive Officer Omar Ahmad, the company’s strategy is to secure a farm-out partner that would fund and lead the next phase of exploration and development.
While GEO reported advanced discussions with a potential partner in late 2024, it said several new parties have since accessed the project data room.
The company believes recent activity by major players, including Chevron, has reinvigorated industry interest in the Walvis Basin, particularly since October 2025.
“In parallel, we are encouraged by the level of interest in our Namibian licence and determined to secure an accretive farm-out agreement for shareholders,” Ahmad said.
Although GEO remains in discussions with the party identified in 2024, the company indicated that any agreement may require revised terms, given the time elapsed and increased interest from other potential partners.
GEO said it will continue to update shareholders as progress is made towards securing a farm-out agreement.
Alongside developments in Namibia, the company recently completed the acquisition of the Gorge gold exploration project in Western Australia, marking the final administrative steps with the issuance of consideration shares and payment of cash consideration.
GEO plans to begin systematic exploration at the Gorge project, supported by historic high-grade gold results.
