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MEL is building a portfolio of licenses with balance in terms of geological and political risk, on terms that do not include unmanageable financial risks in terms of commitments, which in three years we can valorise through farm-outs to fund the next phases of exploration, and/or a private placing or IPO if market conditions are favourable.
2 strat wells - out of 3 planned wells - with oil and natural gas indicators
The components and processes for a working petroleum system are all present
15 April 2021
MEL notes that Recon Africa has announced that the results of its first stratigraphic well results for its licence area onshore in the North East of Namibia have established clear evidence of the presence of a conventional working petroleum system in the Kavango basin.
“The well sample log…provides over 200 meters (over 660 feet) of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock… The intervals penetrated include highly porous, permeable sediments, marine source rocks… and an extensive marine carbonate lithofacies. Mud gas results indicate a high BTU gas with the presence of light oil.“
MEL’s onshore blocks 1717 and 1817 in the North of Namibia are to the west of the Recon Africa licence area. Significant geophysical studies have been undertaken on our blocks, including Remote Sensing, Passive Seismic and Geochem (all direct hydrocarbon
indicators), which have been integrated with conventional seismic over key areas of interest.
On the basis of these studies, we are confident that the play identified by Recon Africa, as being charged with a petroleum system, extends westwards over to our blocks. With the benefit of the direct hydrocarbon indicators and the structures identified by the conventional seismic over the key areas, we have already established substantial hydrocarbon resources.
Encouraged by Recon Africa’s first well, MEL intends to move forward with our own programme, which will include some additional surveys and
planning for a first conventional well.
We have approached a number of potential partners, but may alternatively seek a Public Listing in our own right.
Oilprice.com dedicates an article on the current hotspot for oil and gas onshore exploration, namely North Namibia.
Oil Experts See Huge Potential
Wood Mackenzie, the most trusted name in oil and gas resource assessments, states that the target basin is analogous to three world-class basins, including the $540-billion Midland Basin in Texas.
One of the most respected petroleum geochemists in the world, Dan Jarvie, came out of retirement for this play and believes this could be one of the largest oil basins worldwide, and his conservative estimate is that it could hold over 100 billion barrels of oil.
Another world-renowned geologist and geophysicist, Bill Cathey, who works with the oil and gas supermajors, studied the basin and said: “Nowhere in the world is there a sedimentary basin this deep that does not produce commercial hydrocarbons.”
Then, Jarvie, a key force behind the Barnett Gas play and former chief geochemist for EOG Resources, jumped in on RECO as a shareholder because he saw a “very strong, independent junior explorer… sitting on a sedimentary basin that rivals South Texas in a massively underexplored region”. Jarvie’s own estimates 100+billion barrels of oil equivalent are based only on 12% of Recon Africa’s total holdings.
Drilling just started
Just 40 days from now, the first well should be complete. And just a few weeks after that, the analytical results should start coming in.
We at Monitor are extremely excited that the industry is turning head towards onshore Namibia, and the predictions are more than positive.
Monitor has seen the potential and has secured a 17.500 sq km licence. Integration Report, including Resource Estimates, was elaborated by Pioneer Oil and Gas Consulting, by assessing existing data and studies done directly by Monitor: remote sensing first, and passive seismic spectroscopy subsequently.
The best and quickest way to help you start to evaluate the opportunity to become partner in our Owambo, Namibia, licence is to get in touch by Email or WhatsApp.
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