Namibian energy company TSE Oil and Gas says it is ready to begin exploration activities in Block 2312 of the Walvis Basin, backed by an €80 million (N$1.6 billion) programme covering seismic surveys and the drilling of two offshore wells.
TSE Oil CEO Thomas Shindi said the company submitted its application for a Petroleum Exploration Licence in 2022 and is awaiting approval from the Ministry of Industries, Mines and Energy.
The plan includes €10 million (N$200 million) for exploration work and €70 million (N$1.4 billion) for drilling. Block 2312 covers 16,800 square kilometres in water depths of 1,400 to 2,000 metres, just south of Chevron-operated PEL 82.
“We have managed two well drillings, with an exploration budget of €10 million and a drilling budget of €70 million, bringing the total to approximately €80 million,” said TSE Oil CEO Thomas Shindi.
Shindi said the company’s internal data review supports the project’s potential and that it has had recent engagements with the government. The company has already raised funds to support both its technical programme and its community commitments.
“We are optimistic because I understand the data and it looks very promising. The anomalies we have identified in the area and its leads make us expect positive results in several hotspots,” Shindi said.
TSE, founded in 2012, holds a 20% stake in the project alongside state-owned NAMCOR, which holds 10%. Australian firm Grand Gulf Energy acquired 100% of Wrangel Resources, which owns a 70% stake in the block. The application is still under review by the Ministry.
“We have had recent engagements with the Ministry, and they said they are ready to process our application. We have already raised the money for the work programme and for the Corporate Social Investment Fund,” said Shindi.
As part of its commitments, TSE has established a N$5 million (€250,000) per year Corporate Social Investment Fund to run for four years, with the possibility of a two-year extension. The fund targets social causes including education, mental health, and community development.
Shindi said beneficiaries of the fund include Busyland Kindergarten, Maltehoe Community Trust, three schools in the Maltahöhe area, Centaurus High School, Mariental High School, the Unicare Foundation (which focuses on mental health and addiction), and Tigers Sports Club.
“When we started a Corporate Social Investment Fund, there were six entities. We want to give back and also help Namibian children in terms of mental health. These are the areas we are looking to invest in, and once we get approval, we are ready to roll out,” said Shindi.
Block 2312 includes 6,100 km² of 3D seismic data and 4,700 line-kilometres of 2D seismic data. The previous operator estimated a mean prospective resource of 1.1 billion barrels of oil. The area is located near the Murombe-1 and Wingat-1 wells, which helped confirm the prospectivity of Namibia’s offshore region.
