Maurel & Prom is pleased to announce that the Government of Namibia has awarded to Maurel & Prom and co-venturers, two exploration licenses in the Walvis basin, offshore Namibia (up to 2,500m water depth). The Group has a participating interest in License No 0044 (Block 2212B) and License No 0045 (blocks 2313A, 2313B, 2413A).
Maurel & Prom Namibia is the operator of both licenses with 37% of participating interest, in partnership with PGS Seismic UK Ltd. (48%), National Petroleum Corporation of Namibia (8%), Livingstone Mining Resource Development (4%), and Frontier Mineral Resources (3%).
The First Exploration Sub Period shall be for two years with a minimum exploration work of 600 km and 1,800 km of 2D seismic acquisition, for License No 0044 and License 0045 respectively. Minimum exploration work for a Second Exploration Sub Period of two years would include 3D seismic acquisition (100sqkm on License No 0044 and 300sqkm on License No 0045). Seismic acquisition with GeoStreamer and Geosource would be operated by the co-venturer PGS.
