– |_

Nabirm Upbeat on recent activity in Namibia.

July 28,  2020

Nabirm notes an announcement from Global Petroleum (“Global”) of updated prospective resource estimates for its licence PEL 94, covering block 2011A this month. Global estimated that its Welwitschia Deep Albian carbonate prospect had best estimated unrisked gross prospective resources of 671 million barrels of oil. The estimate, classified in accordance with the Society of Petroleum Engineers’ Petroleum Resources Management System, is based on a reinterpretation of existing 3D data which Global licensed from Namibia’s state oil company Namcor, taking into account recent well results in the area.

In a statement, adjacent operators Tower Resources (“Tower”) observed that this figure corresponds to the portion of the prospect on block 2011A, and noted that approximately 25% of the Welwitschia structure lies in their block 1911, which is covered by Tower’s license PEL 96. Although this proportion is an estimate made without the details of Global’s detailed reinterpretation, it would imply that the total Best Estimate unrisked gross prospective resources of the Welwitschia Deep prospect’s entire structure would be in the region of 895 million barrels. Of this, approximately 224 million barrels would lie in block 1911, of which approximately 179 million barrels would be attributable to Tower.

CEO of Nabirm Olayinka Arowolo comments:

“Nabirm awaits with great interest the outcome of further work, such as Towers and Global’s, and also further wells being drilled in Namibia, including Shell’s well on licence PEL 39 and Total’s Venus well, all of which will enhance our own basin modelling and prospect evaluation.”

EMGS announces firm survey commitment for Nabirm in Namibia.

April 20, 2020
Nabirm notes the reports on several online oil & gas publications and on the Electromagnetic Geoservices ASA  (“EMGS” or the “Company”) website that the Company has received a letter of intent  for pre-funding of new multi-client CSEM data in the Walvis Basin, Namibia from a JV block consortium. EMGS will use it’s next generation broad-band source technology ‘Deep Blue’ which is a deep-towed source developed under a joint industry project involving Shell and Equinor for the acquisition. In addition, EMGS will provide data processing, inversion with 3D Gauss-Newton and integrated interpretation services.
CEO of EMGS, Bjørn Petter Lindhom comments:
“We’re delighted to receive this letter of intent for a multi-client campaign in the Walvis Basin. Securing this additional commitment in Namibia also enables EMGS to convert an existing acquisition contract in Block 2113A, announced by EMGS in August 2019 with Nabirm Global LLC, from a vessel of opportunity with backstop, to a firm survey commitment in 2020.”
CEO of Nabirm Olayinka Arowolo comments:
“Obviously we welcome this development and commitment by the major international oil companies in adjacent blocks in the Walvis Basin. For our Block 2113A, the 3D CSEM will be acquired over our identified  2D seismic prospects and leads. This will enable precise mapping of these features and once this is complete, we will update Prospective Resources accordingly.”

Proprietary acquisition for Nabirm

Aug 01, 2019
Electromagnetic Geoservices ASA (“EMGS” or the “Company”)  has been awarded a contract from Nabirm Global LLC (“Nabirm”) for a proprietary 3D CSEM survey over Block 2113A, Petroleum Exploration License (PEL 0058) in the Walvis Basin offshore Namibia. Under the contract, EMGS will also provide processing, inversion and interpretation services to Nabirm post acquisition. Subject to, amongst other things, vessel availability, acquisition is projected to take place in Q1/Q2 2020, with a backstop date of May 2020. CEO of EMGS, Bjørn Petter Lindhom comments: “We are very pleased with the award of this vessel of opportunity contract from Nabirm, which further strengthens our belief that we are well placed to deliver significant value to customers operating offshore Africa, and that the importance of the African market will increase going forward.We are working on developing a 2020 multi-client campaign offshore Namibia, which will allow us to deploy a vessel to the region.”
CEO of Nabirm, Olayinka Arowolo comments:
“We are pleased to be working with EMGS on this project; it is a significant opportunity for all our stakeholders as this will be the first survey of its kind in the region. We believe that EMGS’s proprietary technology will help us de-risk our prospects significantly. Risk Based Solutions Namibia will assist with obtaining the required Environmental Clearance Certificate prior to the acquisition.”

ExxonMobil adds to its Namibia offshore exploration acreage.

May 2nd, 2019 Nabirm, the oil and gas exploration company with petroleum exploration license (“PEL”) 58 in Namibia, notes articles in  various publications on reporting that Exxon has signed an agreement with the government of Namibia and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710 and 1810, and farm-in agreements with NAMCOR for blocks 1711 and 1811A. The blocks extend from the shoreline to about 135 miles (215 kilometers) offshore Namibia in water depths up to 13,000 feet (4,000 meters). ExxonMobil began exploration activities in 2018, with the acquisition of 3D seismic data on PEL 82 an acreage to Nabirm’s PEL 58 in the Walvis Basin. Olayinka Arowolo Chief Executive Officer of Nabirm commented: ” Exxon’s decision to add to its exploration acreages in Namibia is encouraging in light of last years dry holes. As we continue our exploration efforts on PEL 58, we will continue to closely monitor these developments, and closely monitor France’s Total and its Venus well in Namibia’s ultra-deep offshore that is expected to be spud later this year. The ultra-deepwater wildcat will target 2 billion barrels of oil in a giant Cretaceous fan play, close to the South African maritime boundary. This giant prospect has multi-billion barrel potential. Its 3,000 meters water depth will be a record for Africa”.

The Redefined Epicenter of the Walvis Basin.

March 31, 2019 – WINDHOEK At a September 2018 public oil and gas symposium in Namibia, two renowned German geoscientists, Drs. Martin Neumaier and Ansgar Wanke concluded that the predicted present day early Aptian source rock maturity model (Bray, et al, 1998) appears to be outdated and incorrect. Neumaier and Wanke suggested that source rock maturity in the Walvis Basin is to the east in shallower offshore precincts closer to the shore.  As part of the thread of geological evidence to support their findings, they stated that the “overburden,” which is east of oil prospects drilled in the Walvis Basin in 2018, supports the theory of migration of hydrocarbons (oil) to the east especially if the sands stringers are continuous. ExxonMobil, Nabirm, Tullow & Eco Oil operate the blocks that presently fall within this newly defined, highly prospective, epicenter for oil exploration. Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented: ” In December 2018, Dr. Wanke analyzed Nabirm’s 2D seismic data. In March 2019, he affirmed the migration model he and Dr. Neumaier presented to the Namibian government in September. Nabirm will continue to conduct its geotechnical work to further de-risk the prospects for recoverable oil resources in Block 2113A. For the time being, we make no conclusions from the recent wells drilled regarding source presence/maturity and seal integrity as analysis of the well logs and drill chips is still ongoing. Therefore our next steps will be a thorough interpretation of the seismic west of 2113A, including a maturity model, migration simulation and acquisition of 3D.” Nabirm’s Namibian headquarters is adjacent to Royal Dutch Shell plc (LSE: RDSA, RDSB) and in the same building as UK-based Chariot Oil & Gas Limited (CHAR: LSE) in Windhoek. Nabirm’s offshore oil block asset is adjacent to Tullow Oil PLC’s (TLW: LSE), Galp Energia’s (SGPS, S.A.), and Exxon Mobil Corporation’s (NYSE: XOM) blocks. Nabirm is the only privately owned company that is engaged in oil and gas exploration in the Walvis Basin in the same precincts as these publicly listed international oil companies.

Drilling announcements for adjacent acreages to Nabirm’s PEL 58 in the Walvis Basin, Namibia. 

July 28th, 2018  – WINDHOEK. Nabirm, the oil and gas exploration company with petroleum exploration licence (“PEL”) 0058 in Namibia, notes articles in  various publications on reporting that British Tullow Oil and London-listed Chariot Oil & Gas have contracted the services of offshore drilling contractor Ocean Rig, whose drilling ships, especially the Poseidon, have searched for oil in Angolan and Tanzanian waters. Both companies are set to drill certain prospects in adjacent acreages to Nabirm’s PEL 58 in the Walvis Basin. Further, a recent announcement by Shell Namibia that it plans to drill two exploration wells in 2019 has also fuelled expectations that the drilling activities of Ocean Rig might continue throughout next year. Chariot Oil & Gas has also stated via it’s CEO Larry Bottomley that “Ocean Rig Poseidon is to drill Prospect S in the Walvis Basin which is a possible high impact well targeting an estimated 459 million barrel prospective resource, with an estimated probability of geologic success of 29,” Chariot is poised to spud in October after Tullow’s  efforts in September 2018.   Consequently Eco Oil & Gas, the dual-listed Canadian junior has also begun preparations for drilling prospects in its PEL 30 also in the Walvis Basin. The company believes that it is sitting on an 882-million barrel Aptian/Albian source-fed oil target within a sand-filled channel fan system, in the Cretaceous sequence, within the mature oil window located in approximately 300 meters of water. Olayinka Arowolo Chief Executive Officer of Nabirm commented: “As we continue our exploration efforts on PEL 58, we will continue to closely monitor these developments, obviously a discovery by either Tullow, Eco, Chariot or Shell will have a material impact on Nabirm moving forward.”

Nabirm notes recent activity in adjacent license area 0037 in the Walvis Basin, Namibia.

September 14th, 2017  – WINDHOEK. Nabirm, the oil and gas exploration company with petroleum exploration license (“PEL”) 0058 in Namibia, notes articles in various publications on reporting Tullow Oil farming out 30% of its 65% operated interest in the license (PEL0037) located offshore Namibia to ONGC of India. Additionally, it was announced yesterday the 13th of September 2017, via its own website and via that Africa Energy Corp. (TSX VENTURE:AFE) (“Africa Energy” or the “Company”) has also acquired an effective 10% interest in said (PEL 0037). License (PEL0037) is adjacent to Nabirm’s license (PEL 0058) in which Nabirm holds a 90% interest as operators, and the Namibian government via its state-owned oil company NAMCOR owns 10%. Nabirm’s and the industry’s interpretation of the multiple transactions on (PEL 0037) is extremely positive as it validates the attractiveness of the Walvis Basin’s oil potential. Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented: ” We are pleased with the myriad of transactions this year in PEL 0037, which is adjacent to Nabirm’s PEL 0058. This confirms that Tullow and its new partners’ will execute their drilling program in 2018.  With this refocused interest on the drilling of potentially high impact wells in the Walvis basin by both Tullow and Chariot Oil in the next calendar year,  the geological chance of success for discovery is highly probable”.

Nabirm receives government approval to enter the next exploration phase on Namibian license 58 on block 2113A onshore/offshore Namibia.

August 9th, 2016 – WINDHOEK. Nabirm.  (” the Company”) is pleased to announce that, as a result of meeting and exceeding its exploration work obligations, it has requested and received approval from the Namibia Ministry of Mines and Energy (“Ministry”) relating to Block 2113A (PEL 0058) onshore and offshore Namibia. Block 2113A (PEL_0058)

Exploration License (PEL) 58, Block 2113A, offshore Erongo Province, Namibia. The license block covers 5,750 km2 located inboard of Tullow/Pancontinental‟s PEL 37 Block and adjacent to EcoAtlantic‟s CBM Blocks 2013B, 2014B & 2114.  In recognition of the Company and its partner NAMCOR, having met and exceeded all obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement (“Petroleum Agreement”), in Block 2113A, the Ministry has approved the entering into the next phase of the license. The license has been extended into the first Renewal Phase until the 13th of July 2018. The second Renewal phase is until July 2020. In further recognition of the advancement of the exploration progress made on Block 2113A, including over 684 line kilometers of a 2D survey, the Ministry has waived the relinquishment requirement (as stipulated in the Petroleum Agreement), and the Block partners will continue the exploration work on the entire block area.

Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented:We are extremely pleased with the Ministry’s positive decision to support our progression into the next exploration phase on block 2113A onshore/offshore Namibia. Despite the market forces that have an adverse effect on the upstream sector, our continued financial and operational commitment to Namibia’s petroleum industry has been recognized by the Government, hence the approval to enter the next exploration phase. Together with our partners NAMCOR, we are in a stronger position to continue to the next phase of exploration which is the acquisition of 3D seismic. We have also noted that Tullow Kudu Ltd. (a wholly owned subsidiary of Tullow Oil Plc.) has decided to enter into the drilling phase on its joint venture block License number 037 together with Pan-Continental Oil and Gas NL (Tullow: 65%, Pan-Continental: 35%). Block (PEL)037 is just west of  Nabirm’s Block (PEL ) 0058, in the Walvis Basin.

2D Seismic, gravity and magnetics program interpretation, block 2113A offshore Namibia.

November 10, 2015 – WINDHOEK. NABIRM the Atlantic margins focused oil and gas exploration company, today announces that in conjunction with its partner NAMCOR (10%) that it has concluded the interpretation of a 2D Seismic Survey (the “Survey”) on Block 2113A (the “Block”) located in the Walvis Basin, offshore Namibia, by the U.S based ION Geophysics. The license block covers 5,750 km2, with 3,600 km2 located offshore and 2,150 km2 located onshore. BGP International using the vessel M/V BGP Pioneer acquired the survey; earlier in 2015, the same vessel completed the Ion Geophysical NamibiaSPAN 2D survey in offshore. The M/V BGP Pioneer acquired 684 line kilometers of 2D seismic data plus shipborne gravity and magnetic data within Block 2113A. The survey was acquired with a single 9-kilometer cable towed 8 meters below the sea surface. The acquisition was completed on 20 March 2015. Parallel Geoscience processed the 2D seismic data in April and May of 2015. Ion Geophysical was contracted to perform the 2D seismic interpretation and received/loaded the processed 2D dataset into SMT/Kingdom on 6 July 2015, the final reports were published on the 4th of November 2015. The objective of the seismic interpretation was to identify key depositional features (reflection types, continuity, terminations, downlap, toplap, onlap), structural features (highs, lows, faults and fault styles including normal, reverse, strike-slip) and anomalous reflection packages. The most significant surface within the dataset is a strong reflector at the top of a thick succession of low-frequency reflectors. Utilizing the NamibiaSPAN 2D data, these horizons were correlated into Block 2113A. In addition to these regional horizons, local surfaces were identified from the PEL 58 2D Seismic Survey exploration grid and are described as Surface 1, Surface 2, Surface 3 and Basement. Time structure maps, depth structure maps, isochrons, and isopachs have been generated for these key horizons. Further, ION mapped six leads with total Pmean unrisked recoverable resources of over 520 MMBO. Stratigraphic lead designated ‘Ondo’ is the largest and of principal interest, with a Pmean of around 230 MMBO – ‘Ekiti’ is slightly smaller and exceeds 200 MMBO. Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented: “ ION’s interpretation of Nabirm’s data; the established oil kitchen in the Walvis Basin confirming light 40 API degrees gravity oil; the oil shows onshore on Eco Atlantic’s Daniel Block which prompted the drilling of the Toscanini Well; and the slicks evident in the region from the Fugro Oil Slick study that was completed for Eco Atlantic, all indicate that Exploration in blocks adjacent to PEL 58 identify an oil mature fairway. Hydrocarbons generated within this fairway would be migrating eastward and updip toward Block 2113A. In onshore blocks, exploration is focused on Karoo age sediments. There is a high likelihood of Karoo sediments in Block 2113A. The Lower Cretaceous Twyfelfontein Sandstone has been mapped extensively onshore and likely extends into the offshore area. The Twyfelfontein Formation – Verbrande/Tsarabis/Huab Formations would be key reservoir-source rock components of a viable Petroleum System within Block 2113A. We still have significant work to do and further study is required, with shallow water depths and shallow drilling depths, we are intrigued by this very interesting Block.” 

2D seismic, gravity and magnetics program conclusion, block 2113A offshore Namibia. 

20th March 2015 – WINDHOEK. NABIRM, announces that it has concluded a 2D Seismic Survey Campaign, which includes Gravity and Magnetics Data acquisition on Block 2113A located in the Walvis Basin, offshore Namibia. The 2D Seismic, Gravity and Magnetics campaign was contracted to BGP International, who acquired the Data using the 3D vessel M/V BGP Pioneer just off a similar 2D campaign for ION Geophysical offshore Namibia. The project scope consisted of a FIRM 684 full fold km of 2D marine seismic data acquisition which includes renewed Gravity and Magnetics Data acquisition in the Block. The objective was to produce a high resolution and accurate image of the subsurface features to further enhance our understanding and evaluation of the identified existing plays and highly promising targets. Processing of all 684 km of the newly acquired 2D seismic for the purpose of interpretation of the survey in PSTM and PSDM imaging has commenced.  Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented:  “Block 2113A is a flagship asset for Nabirm. This 684 Km 2D program has allowed us to expand on our ongoing work program by adding seismic data to our existing database on this block.   Our determination in establishing a resource is increasing as we progress on our work program and keep up with the exploratory momentum in Namibia which has been fast-tracked by other international operators, in the region, and in surrounding acreages in the Walvis basin”. 

2D seismic, gravity and magnetics programme commencement, block 2113A offshore Namibia.

11 March 2015 – WINDHOEK.

NABIRM, the Atlantic margins focused Oil and Gas Exploration Company, today announces that in conjunction with its partner NAMCOR (10%), it has commenced a 2D Seismic Survey Campaign, to include Gravity and Magnetics Data acquisition on Block 2113A located in the Walvis Basin, offshore Namibia. The 2D Seismic, Gravity and Magnetics campaign has been contracted to BGP International, who will acquire the Data using the 3D vessel M/V BGP Pioneer just off a similar 2D campaign for ION Geophysical offshore Namibia. The project scope which consists of a FIRM 684 full fold km of 2D marine seismic data acquisition shall include renewed Gravity and Magnetics Data acquisition in the Block. The objective is to produce a high resolution and accurate image of the subsurface features to further enhance our understanding and evaluation of the identified existing plays and highly promising targets. The survey vessel M/V BGP Pioneer commenced survey activities on March 10th for a period of 14 days.  Olayinka Arowolo, Chief Executive Officer and co-founder of Nabirm commented: “We are pleased with the continued progress of our exploration program for this license. This survey will give us an increased understanding of the structure of the basin. Once completed and processed, the 2D will further define the block for us, our partners, as well as other interested parties.”

NABIRM announces the commencement of 2D seismic.

5 March 2015 – WINDHOEK.  NABIRM is pleased to announce that it will commence a 2D Seismic Survey (the “Survey”) on Block 2113A (the “Block”) located in the Walvis Basin, offshore Namibia on the 11th of March 2015. The project scope consists of a FIRM PROGRAMME of 684 full fold km of 2D marine seismic data offshore Namibia in the Block. The objective is to produce a 2D seismic volume, which, following all positioning and seismic data processing will provide a high resolution and accurate image of the subsurface features to a two-way-time (TWT) of up to a maximum of nine seconds. The Company engaged BGP International Ltd. to perform the Survey, The survey vessel M/V BGP Pioneer will commence survey activities for a period of 14 days. Nabirm holds a 90% working interest in the Block, and NAMCOR holds a 10% carried working interest.

Proposed 2D seismic survey in license block 2113a, Walvis basin, off the coast of Namibia.

January 8, 2015 – WINDHOEK. NABIRM Energy Services is set to undertake a 2D seismic survey in the offshore portion of License Block 2113A, Walvis Basin, Namibia. The purpose of this survey is to investigate the subsea geology of the licensed block for the presence of oil and gas. The proposed area of the 2D seismic survey will be approximately 1,050 km in length, comprising of low density spaced survey lines spanning an area of approximately 2,500 km2. Water in the proposed survey area ranges between 50m and 150m in depth, and the distance from shore ranges between 10 and 50km. CCA Environmental (Pty) Ltd (” CCA “) has been appointed to examine the baseline environmental conditions of the licensed survey area in order to evaluate the potential impacts of the proposed seismic survey and present the findings in an Environmental Impact Assessment (EIA). The technology being used will ensure that the integrity of the environment in and around the oil block will not have a negative impact on the environment, the wildlife ecosystem, on tourism in the area. The BID has been circulated for a two-week registration and comment period beginning January 7, and ending January 21, 2015.


Nabirm announces the award of PEL 0058 over block 2113A in the Walvis basin Namibia.

13th  July  2012 – WINDHOEK. NABIRM announced that the company has been awarded a petroleum exploration license (#0058) for Block 2113A in Namibia.   In July 2011, the Namibian Ministry of Mines & Energy announced an estimated 11 billion barrels in oil reserves were found off Namibia’s coast, with the first production planned within four years. The finding could put Namibia on par with neighboring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa’s top producer Nigeria. According to Isaak Katali, Namibia’s Minister of Mines and Energy, HRT Oil & Gas Ltd, a Brazilian company working in the region, has raised $1.3 billion on the Brazilian stock market, with $300 million earmarked for oil and gas exploration in Namibia. Katali said that HRT has certified about 5.2 billion barrels of potential reserves in Namibia. “This finding could turn offshore Namibia into a great producer of oil and gas in a short time”, Katali said. Olayinka Arowolo, CEO of Nabirm, commented: “Namibia has long been seen as a potential new source of oil, hampered by a lack of exploration to determine the extent of its reserves”, said Arowolo. “Its offshore geology is similar to Brazil, which is experiencing a boom in oil exploration and production. The issuance of this license in partnership with the National Petroleum Corporation of Namibia  (NAMCOR) demonstrates that NABIRM is a preferred ‘partner-in-progress’ with NAMCOR as Namibia continues its exciting nation-building initiatives in the oil and gas sector”.

Nabirm Pleased with Prospects for Oil Block 2113A in the Walvis Basin

July 22, 2013, – WINDHOEK. HRT’s Drilling Results Nabirm notes the July 19, 2013 announcement from HRT Participações em Petróleo S.A. (“HRT”) regarding the results of the Murombe-1 well, which has reconfirmed the presence of an Aptian marine source in the Walvis Basin despite failing to find the presence of quality reservoir in the primary Murombe objective. Murombe-1 is the second well of a three well exploration programs being executed by HRT offshore Namibia.  Murombe-1 is located in Petroleum Exploration Licence 23 in the south of the Walvis Basin, some 200 km south of Tower Resources plc’s multi-billion barrel Welwitschia-1 prospect, which is to be drilled in mid-February 2014 in PEL0010 by its operator, Repsol. HRT announced that the Murombe-1 exploration well was drilled to a total depth (TD) of 5,729 meters with the objective of penetrating two target reservoirs. The primary target was the Murombe reservoir, a Barremian age turbidite fan system, which from wireline logging confirmed a lack of reservoir quality facies and low porosity.  However, a mature Aptian marine source in the “oil window” was encountered above the primary Murombe target confirming the source previously encountered in the Wingat-1 well announced on 20 May 2013.  A secondary target, the Baobab reservoir, a shallower Santonian age, channel complex, encountered a 242-meter gross section with a net-to-gross ratio of 15% and porosity of 19%, however, this was found to be water-wet.  As a result, the Murombe-1 well is being prepared to be plugged and abandoned. Confirmation of Oil Presence in the Walvis Basin As observed by both Nabirm and Tower Resources plc today, the presence of oil in the Walvis Basin has been confirmed.  The main risk attributed to the primary Murombe basin floor fan target was reservoir quality.  Importantly, the confirmation of an Aptian marine source, also encountered in the earlier Wingat-1 well, bodes well for Nabirm since the Aptian source would be mature and in close vicinity to the Block 2113A prospect. The result of the Murombe-1 well, although disappointing news for HRT, offers further evidence of a working source in the Walvis Basin.  The question remains, to where has the oil from these source rocks migrated?. Block 2113A’s Favorable Geology  All of the available geotechnical, geothermal and geochemical data suggest that this oil has migrated in the direction of Nabirm’s Block 2113A. Additionally, the significance of the following exploration drilling results within the Walvis Basin supports this favorable assessment and the prospectivity of Block 2113A:

  1. Tapir South-1:  Drilled by Chariot Oil & Gas plc on Block-1811A between March and May 2012 and encountered over 200 meters of high-quality reservoir in the Cretaceous and Carbonate sequences.
  2. Potential for oil versus gas:  The probability of encountering light oil relative to gas within Tower’s Welwitschia prospect has increased from 50% to 65% and in the Alpha, Gamma and other inter-structural prospects has increased from 45% to 65%. This assessment is primarily driven by the discovery of light oil in the Wingat-1 well and the presence of abundant source rock.
  3. Geological chance of success (“GCos”): 
The GCoS remains unchanged as the improved probability of source rock inferred from the Wingat-1 well result is confirmation of the potential for oil generation.

Nabirm believes that the company’s shareholders are exposed to one of the highest impact exploration wells scheduled for 2014 in sub-Saharan Africa. Nabirm’s Block 2113A, held under PEL 0058, is located in a sedimentary system that has been deposited by the ephemeral river ‘delta’ system, which combines major feed from the Omaruru River and Uniab, Koigab, Springbok, Huab and Ugab ephemeral rivers, and benefits from an offshore sedimentary feed. Block 2113A has geological structures with potential basin margins up-dip migration active petroleum systems.  Structural influences of both the Walvis (Offshore) and Huab (Onshore) Basins, reveal the possible accumulation of potential hydrocarbon source sediments in both Basins over millions of years. Influences of the various tectonic phases resulting in potential up-dip migration pathways couple with basins margins structural traps all are key to unlocking of hydrocarbon sources and reservoir potential held in Block 2113A. Given all of these positive factors, Nabirm is pleased with its prospects for Block 2113A and believes that the company is positioned for a successful outcome with this asset.

Recent Events in the Walvis Basin

September 13, 2013, – WINDHOEK. Nabirm Energy Services (Pty) Ltd, a privately owned Namibian energy EPL company, is pleased with the prospects for its flagship oil asset – Oil Block 2113A – in the Walvis Basin.  Recent events,  including the Tullow’s farm in announcement for PEL 0037 in the Walvis basin in adjacent acreages, 2012B, 2112A & 2113B all held under PEL 0037 in the Walvis Basin favor a successful outcome for Nabirm’s Block 2113A held under PEL 0057.

About Tullow Tullow is a highly successful oil explorer that has opened four new oil basins in Africa and South America in the last seven years. Founded in 1985, Tullow is now Africa’s leading independent oil company, and one of the largest independent oil and gas companies in Europe. Amongst Tullow’s key achievements is the 2007 discovery and subsequent development of the Jubilee Oil Field offshore Ghana. In the East African Rift Basins, Tullow’s successes include major oil discoveries in Uganda and recent significant oil discoveries in the South Lokichar Basin in Kenya. To date, in Uganda, Tullow estimates gross recoverable resources of 1.7 billion barrels of oil. Tullow farmed-in to Pancontinental’s interest in license L8 offshore Kenya in 2011 and participated in the Mbawa 1 gas discovery in 2012. The joint venture continues to explore for oil in the L8 area. Tullow is developing the Kudu Gas Field offshore southern Namibia and farmed-in to Pancontinental’s EL 0037 license in Namibia in September 2013.

Independent Resource Estimate Overview

DeGolyer and MacNaughton (“D&M”) have prepared an assessment of license area EL 0037 offshore Namibia in accordance with the Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers. D&M’s resource estimates recognize large stratigraphic leads in potential clastic turbidite targets. These targets appear to be in the oil window. These potential accumulations are categorized as “leads” based on the available seismic and geologic data. The potential accumulations are not yet classified as “prospects” that are available for drilling. D&M’s Mean Estimate for the total 11 Leads is 8.7 Billion Barrels of Gross Prospective (recoverable) Oil Resources. 

We believe that the geochemical work done by HRT in the WALVIS basin was correct in identifying a deep source rock at or below the deep barramian, however, because the south Atlantic separated first in the south, there were widespread volcanic at that time in the south but not north of the Walvis basin and hence there are different maturities for the source rocks for the deep barramian source rocks. Hence no oil in the main barramian prospect. However, we now know that there was oil in the aptian source rock which lies above the barramian target reservoirs and which make it difficult to charge lower reservoirs. Chariots acreage in block 2714 b and the central blocks in Namibia are focused on oil prospects charged by the aptian source rocks which migrate into huge turbidite sandstone reservoirs of the later Cretaceous, just like what occurs in much of West Africa, and that’s why Tullow farmed into the Pancontinental blocks at a value of $200 million for PEL  0037. Pancontinental has mapped an “Oil Mature Fairway” through EL 0037 and the Wingat area. Critically, using existing seismic data, good reservoir rocks are interpreted in channels and turbidites within and close to the Oil Mature Fairway in EL 0037 and some of these will be covered by the new 3D seismic survey. This demonstrates that a multidisciplinary approach to oil exploration, that takes all factors into account is required for explorers in the Walvis Basin. We are excited about Tullow’s prospects in the WALVIS basin given the fact that the largest acreage, block 2113B held under PEL 0037 is right next to NABIRM’s acreage 2113A.

Nabirm’s Acreage well positioned next to Tullow/Pancon acreage