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Discussion Starter · #1 ·
Arcadia 2D shows 10-billion barrel prospects off Namibia

Uchenna Izundu
International Editor

LONDON, May 17 -- Arcadia Petroleum Ltd., operator of License 0010 off northern Namibia, has completed interpretation of 2D seismic shot in September 2007 that it's partner Tower Resources PLC, says confirms the presence of giant structures that could contain as much as 10 billion bbl of oil, unrisked, from three prospects.

The seismic data indicate a great probability that they would be oil bearing, Tower Resources said. Large volumes of associated gas would also be present.

These volumes have not been discounted for exploration risk. "Amplitude Variation with Offset analysis and geological modelling have pointed to three sandstone reservoirs up to 50 m thick which correlate with sandstones in the two exploration wells drilled in the 1990's," reported Tower Resources, whose unit Neptune Petroleum (Namibia) Ltd. holds a 15% interest in the prospect. However, there was no suggestion of hydrocarbons in those wells, it added.

Arcadia plans to drill a well within 2 years after gathering more seismic over the prospects.


According to Tower Resources, the Alpha structure had a four-way dip closure, indicating a maximum area of more than 600 sq km. The data suggested another four-way dip closure on the Gamma structure which, if confirmed, would define a prospect covering more than 1,700 sq km.

Tower Resources said, "Reservoir sands are interpreted to be stacked channel sands having laterally variable reservoir characteristics but high-quality over significant areas."

Uganda and Tanzania

In other activities, another Tower Resources unit, Neptune Petroleum (Uganda) Ltd., plans to drill its first well on Block 5 in Uganda before yearend after it completes interpreting 2D seismic data by the end of May over 300 km in Exploration Area 5 ("EA 5") in Uganda.

IMC Geophysics International Ltd. shot the seismic over a sedimentary sequence with prospective structures in the Albertine Graben system that was identified by a regional gravity survey.

The seismic was shot under terms of an agreement between Tower and Orca Exploration. On receipt of the fully interpreted seismic, Orca has the right to acquire a 50% working interest in EA 5 in return for funding 83.33% of two exploration wells.

Peter Kingston, Tower Resources' Executive Chairman, commented: "In anticipation of positive results, together with Orca Exploration, we have commenced the search for a suitable rig to drill two exploration wells during 2008."

Tower Resources said, "Current conclusions point to primary targets within sediments up to 1,500 m thick that are broadly analogous to the shallow potential currently the subject of intense exploration in northern Block 2 and Block 1 immediately to the south of Tower's Block 5."

Tower also has started negotiations with the Tanzania Petroleum Development Corp. to conclude a production-sharing agreement covering the frontier exploration area consisting of Lakes Eyasi-Wembere, Manyara, and Natron in Tanzania.
http://www.ogj.com/display_article/...D-shows-10-billion-bbl-prospects-off-Namibia/


To goive you an idea, this would almost be another Norway! But Namibia just has two million inhabitants and sound government, one of Africa´s lowest corruption figures and already good infrastructure (which was not the case for the other African countries when they found oil, including Nigeria), so this could sky-rockett development of Namibia and push its HDI Index up tremendously if all goes to plan!:cheers:
 

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This is definitely of news for Namibia, even though it's about Brazil. Recall that there have been several very large oil discoveries offshore Brazil in the past couple years.

http://ipsnews.net/news.asp?idnews=40086
There is a correspondence between the oil reserves in the Brazilian Campos basin and those in Angola. Both contain about nine billion barrels of oil, and a similar pairing appears likely between Namibia and the Santos basin, the expert said.
- So far in the Santos Basin the've discovered Tupi, with 5-8 billion barrels recoverable.
- Jupiter, mostly natural gas but roughly the same size as Tupi.
- Currently they are appraising Carioca/Sugar Loaf, which is rumored to contain 20-40 billion barrels.
- Plus some smaller ones
- The CEO of Petrobras said there are still 7 or 8 prospects around the same area as Tupi, Jupiter and Sugar Loaf.
- So we're talking A LOT of oil.

If Namibia can even halfway duplicate that, they will be rich!
 

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Great news! They will share with SA I suppose, unless we find similar reserves off the SA west coast. If not, hmmm...perhaps SA should re-anexe Walvisbay or even the whole of ol' South West Africa! :eat:
 

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Discussion Starter · #4 ·
Great news! They will share with SA I suppose, unless we find similar reserves off the SA west coast. If not, hmmm...perhaps SA should re-anexe Walvisbay or even the whole of ol' South West Africa! :eat:
Or viceversa!:D No, I am just kidding!:)

Anyway, if Namibia has oil, there must definitely be more oil for Southern Angola, too!
 

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Great news! They will share with SA I suppose, unless we find similar reserves off the SA west coast. If not, hmmm...perhaps SA should re-anexe Walvisbay or even the whole of ol' South West Africa! :eat:

This discovery must prompt PetroSA to do similar research in Northern Cape. We might be having some oil reserves there. Just imagine how that could turn things around for the people of Northern Cape.
 

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Dang! looks like every african country is discovering oil! I hope the leaders will put the oil money to good use. Hopefully Kenya will discover oil too.
 

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To goive you an idea, this would almost be another Norway! But Namibia just has two million inhabitants and sound government, one of Africa´s lowest corruption figures and already good infrastructure (which was not the case for the other African countries when they found oil, including Nigeria), so this could sky-rockett development of Namibia and push its HDI Index up tremendously if all goes to plan!
Lets hope the wealth (if its true) gets as equally distributed as in Norway. It would be a shame if a corrupt elite lives a pervert life while the rest of the country stays poor.
 

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Dang! looks like every african country is discovering oil!
:yes:
great news for the continent. they talk about asia, but in a few year's time africa is going to be as important, if not more in the world economy
:cheers:
 

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great news for southern africa. plenty cash. downstream investment and purchasing power will be great for SA.
 

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Discussion Starter · #11 ·
EnerGulf Continues Drilling at Kuene Offshore Namibia

EnerGulf Resources Friday, June 20, 2008

EnerGulf Resources Inc. has been notified by the operator of the Kunene #1 well on Block 1711 offshore Namibia, Sintezneftegaz Namibia Ltd., that the drillship D/S Deep Venture is now expected to continue drilling for oil and gas beyond the previously announced mid June estimate to reach a total depth of 4,400 meters. The 4,400 meter total depth is now anticipated early July. A decision to then continue drilling to a depth of approximately 5,500 meters has not yet been determined.

The Republic of Namibia has classified the Kunene #1 as a "tight hole", meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.

EnerGulf Resources Inc. is a publicly traded international oil and gas exploration company focused on maximizing shareholder value by targeting high impact opportunities in the world's most prospective hydrocarbon regions.
 
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