By Hilary Mare
WINDFIRE’S proposed acquisition of shares in Riviera Mina Ltd, a subsidiary of DMiner, which indirectly owns a 76.5 percent interest in Petroleum Exploration License (PEL) No. 0079, demonstrates its confidence in the oil and gas in sector Namibia.
This according to Windfire’s local partner and license shareholder, Sir King Frans Indongo, who is the son of businessman Aupa Frans Indongo. His father is in no way involved in the project.
Indongo junior highlighted that the transaction is expected to result in another major investment into the Namibian oil and gas sector.
“We will work closely with our Canadian partners, not only with the goal of finding oil in Namibia, but also in striving to ensure that we contribute to the advancement of the Namibian nation.
“Windfire brings capital expertise, leading technical experts with significant offshore discovery success, and a work program to lead to oil development in our great country. With our international partners, Namibia is well-positioned to realise its goal of energy independence,” he said.
Indongo commenced his business engagement with Windfire in 2014, when he approached Canadian billionaire, Duane Parnham, to work as partners to explore and raise capital to develop the high quality PEL 2815 and PEL 2915 assets, contiguous to Kudu gas field project in the Orange River Basin.
“The special location of both blocks, which are closely associated with the Kudu field, and directly related to two very important oil and gas hydrocarbon kitchens, located in the south and western portions of the basin, gives the area a very special geological situation, regarding the charge of oil and gas over the structures already envisaged. Based on the current and historical data, already analysed, I am very confident about the oil and gas potential in these blocks,” he said.
Indongo further noted that the Namibian government had fully supported the oil exploration in the country, and this is the reason that Namibia has been able to attract junior, medium and large international oil and gas companies, including Shell, Tullow Oil, Petrobras and BP.
“Namibia is oil and gas exploration-friendly, and has been lauded as one of the continent’s most politically and socially stable jurisdictions. I would also to take this opportunity to thank the government, under the leadership of President Hage Geingob, for maintaining peace, good governance and stability in the country, where business transactions can be freely conducted,” Indongo said.
PEL 2815 is a strategically located offshore.
Extensive technical studies include 538 km2 of 2D seismic data having been licensed to date, as well as 1 137 km2 of 3D seismic, covering a significant prospective resource, that offers a drill-ready, multiple zone, oil and gas target in the Orange Basin of Namibia.
Geochemical data from hydrocarbons recovered from the Kudu and 2815/15-01 wells in the Orange Basin indicate the presence of oil types similar to the ones that are present in the salt basins north of the Walvis Ridge and its conjugate Greater Campos Basin. Consequently, they share similar source rock systems.
“So far the Ministry of Mines and Energy (MME) has issued 713 exclusive prospecting licences (EPLs) to date, with 652 given to Namibians, 61 to foreigners. A further 845 mining claims and more than 100 petroleum exploration licences have also been issued to date to Namibians and international oil and gas companies,” Indongo said.
“Young Namibian business people must use this opportunity and stop being lazy. Negotiate with investors to farm-in and develop together, for mutual benefit. Striving for success without hard work is like trying to harvest where you haven’t planted. Go to the Oil Week and Mining Indaba Conference in Cape Town; take a lift with a truck or go with a bus, like I used to do. Skip Pharoah’s night club for those important days and go with air Namibia. Stay with friends in apartments, wear a suit and invest in networking. The results might make you happy after four or ix or 10 years. Work hard, think smarter and get rich,” Indongo advised.
Confidente. Lifting the Lid. Copyright © 2015