Elephant Oil
NAMIBIA: RECENT SIGNIFICANT DISCOVERIES
"This is a game changer for Namibia."
- Wood Mackenzie, "Shell makes huge oil discovery offshore Namibia", Feb. 2022
Discovery #1
قطر الطاقة
QatarEnergy
NAMCOR
Date: Feb. 4, 2022
Well: Graff-1 (deepwater; exploratory)
Discovery: Significant light oil' in primary &
secondary targets²
Pre-Drill Estimate: Well met pre-drill resource
estimate of 500M to 1B barrels of oil'
Milestone for Namibia: Country's first ever oil
discovery¹
Milestone for Shell: Largest commercial find
in Sub-Saharan Africa since Bonga in 1996¹
"At our base case of 700 million barrels of oil
recoverable, Graff puts the country's liquids
reserves ahead of established producers like
Gabon and Niger, and even newcomers like
Senegal."¹
Wood
Mackenzie
ELEPHANT OIL
TotalEnergies
Discovery #2
قطر للطاقة
QatarEnergy
Impact
045 G
NAMCOR
Date: Feb. 24, 2022
Well: Venus-1X (deepwater; exploratory)
Discovery: Giant light oil & associated gas³
Pre-Drill Estimate: Well surpassed pre-drill
recoverable resource estimate of 1.5 to 2B
barrels oil³
Estimated Recoverable Oil: 3B+ barrels oil
(resource) (Wood Mackenzie)³
"Venus is set to become Sub Saharan
Africa's biggest ever oil discovery...
Namibia could find itself the third largest
oil producer in Sub Saharan Africa within
a decade."3
Wood
Mackenzie
Recon AFRICA
TSXV:RECO
ELEPHANT OIL
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1. https://img1.wsimg.com/blobby/go/d53afaf0-187c-44a8-8c07-0d41fde346bb/downloads/Wood%20Mackenzie%20Shell%20Makes%20Huge%20Oil%20Discovery % 20.pdf?ver-1644018273243
2. https://www.namcor.com.na/wp-content/uploads/2022/02/NAMCOR-Press-Release-The-Graff-1-Deep-sea-discovery-_Final_3_Feb_2022.pdf
3. https://www.upstreamonline.com/exclusive/at-least-3-billion-barrels-totalenergies-venus-is-sub-saharan-africas-biggest-ever-oil-discovery/2-1-1174983
ANGOLA
O
NAMIBIA
Reserve and resource estimates provided are for wells and fields in the region near Elephant Oil's assets. These are provided for informational purposes and are not indicative
of potential results on assets owned by Elephant Oil. Estimates are provided per sources below which may or may not conform to recognized industry standard reporting.
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