There has been significant speculation for sometime as to the prospectively of various massive geological basins in Namibia but until now focused mainly offshore.
MEL is fortunate to control a large and highly prospective onshore area in North Namibia, where there is building evidence of a large and very commercial oil and gas opportunity.
Our neighbour ReconAfrica’s announcements strongly support MEL’s exploration strategy as they have proven a working petroleum system and good quality reservoir in the Owambo basin.
MEL is looking for a funding partner to support a $25mln seismic and two well drilling programme in 2022-2023 in exchange for a substantial share of the prize that is potentially available.
The MEL principles are open minded as to the structure that incoming investors may prefer to pursue, including:
✔ Conventional Farm-in arrangement, in exchange for a share of the local license interest
✔ Investment into MEL to support the company in executing the next stage of the exploration and appraisal
✔ Acquisition of or a merger with MEL where the partner company is able to bring human resources to the situation complimentary to that which MEL itself would look to deploy