Interim statement31 Mar 2025 07:21
- Advanced discussions with a potential farmee for the PEL0094 licence continued and currently continue, with additional talks initiated with other interested parties to secure the best outcome for shareholders. These negotiations are part of the Company's ongoing efforts to maximise the value of its asset in the Walvis Basin.
- Industry activity in the Walvis Basin has intensified, bolstered by Chevron's farm-in for PEL0082 and Tower Resources' farm-out agreement for PEL0096. This increasing interest underscores the growing potential of the region, positioning the Company's PEL0094 licence as a highly attractive opportunity in Namibia's oil exploration landscape.
- The geological conditions in the Walvis Basin continue to highlight its commercial viability compared to the Orange Basin. The prospects within PEL0094 benefit from lower gas risks and shallower reservoirs, which are less diagenetically altered, enhancing their potential for successful oil exploration. These factors support the Company's belief in the significant value of its Namibian assets.
- In August 2024, the Company acquired a 70% stake in a joint venture with world class geologist Callum Baxter for mineral exploration in Western Australia, later increasing its interest to 80% in September 2024. Extensive exploration activities, including aeromagnetic and gravity surveys, have been undertaken to refine high-potential drill targets.
- The geophysical surveys conducted in H2 2024 revealed promising indicators of Intrusion-Related Gold Systems (IRGS) deposits, similar to that of Havieron in the Paterson Province of Western Australia, particularly in the northern project area. LiDAR data received in January 2025 has further enhanced drill planning and subsurface modelling.
- Key exploration plans for H2 2025 include electromagnetic and polarisation surveys, securing permits, and initiating drilling operations. The Company is well-capitalised to proceed with these H2 2025 plans, following the capital raise in January 2025.