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While the licence application is still pending regulatory approval, the market’s reaction was immediate: Grand Gulf’s stock doubled on the Australian Securities Exchange, reflecting bullish sentiment around Namibia’s exploration prospects.
Australian junior energy firm Grand Gulf Energy has seen its share price skyrocket by 100% following the announcement of a strategic agreement to enter Namibia’s burgeoning hydrocarbon sector, signalling growing international confidence in the country’s untapped energy potential.
The company revealed this week it has secured a binding deal to acquire Wrangel Pty, a move that positions it to obtain a 70% stake in Petroleum Exploration Licence (PEL) 2312, located in the Walvis Basin offshore Namibia. The news has electrified markets, underscoring heightened investor interest in Namibia’s northern basins as exploration activity surges beyond the heavily contested Orange Basin.
The agreement, finalised amid a scramble for exploration rights in Namibia’s offshore zones, highlights a strategic pivot by oil and gas players toward less saturated regions. With major acreage in the Orange Basin—home to Shell and TotalEnergies’ multi-billion-barrel discoveries—already dominated by global giants, junior explorers like Grand Gulf are turning their attention to emerging plays in the Walvis, Lüderitz, and Namibia basins.
Grand Gulf’s bold entry into PEL 2312, previously operated by UK-based Chariot, marks a significant bet on Namibia’s northern margins, where geological parallels to neighbouring hydrocarbon-rich regions have sparked optimism.
Under the terms of the deal, Grand Gulf gains an option to purchase Wrangel Pty, which has applied to hold a 70% operating interest in PEL 2312. The remaining shares in the licence are split between local firm TSE Oil & Gas (20%) and Namibia’s state-owned National Petroleum Corporation (Namcor) (10%), ensuring domestic participation in line with Namibia’s empowerment policies.
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While the licence application is still pending regulatory approval, the market’s reaction was immediate: Grand Gulf’s stock doubled on the Australian Securities Exchange, reflecting bullish sentiment around Namibia’s exploration prospects.
