Madison Metals Inc. has entered into a binding agreement to acquire a 90% direct interest in Mining Licence 86A and Exclusive Prospecting Licence 8905 with 10% free carry in favour of the vendor.

 TotalEnergies is targeting to start the appraisal process of its Namibian oil find in the third quarter of 2023 and the second quarter of 2024. 

Energy experts assert that once an exploration well has found hydrocarbons, considerable effort is still required to accurately assess the potential of the discovery and the role of appraisal is to provide cost-effective information that will be used for subsequent decisions (development) and this will be done through the drilling of more wells to collect information and samples from the reservoir and other seismic survey might also be acquired in order to better define the reservoir. 

The oil major, which  has already submitted its application for an Environmental Clearance Certificate with the Ministry of Mines and Energy and the Ministry of Environment Forestry and Tourism,  recently contracted SLR Environmental Consulting (Namibia) to begin  work on the Environmental and Social Impact Assessment. 

According to SLR, the exploration and appraisal process is set to be undertaken in block 2912 off the Coast of Southern Namibia, with upto 10 exploration and/or appraisal wells targeted, a process expected to take between three and four months to complete drilling and testing of each well. 

TotalEnergies, alongside National Petroleum Corporation of Namibia, QatarEnergy, and Impact Oil and Gas early this year announced the Venus-1X discovery, located approximately 290 kilometres off the coast of Namibia, in the deep-water offshore exploration thought to straddle block 2913B and 2912, which covers approximately 8,215 km². 

Shell has contracted Northern Ocean's Deepsea Bollsta to carry out drilling offshore Namibia under a 12-month contract. 

Consultant Wood Mackenzie estimates the Namibia oil find could contain about 6.5 billion barrels of oil equivalent of recoverable reserves. 

According to the Namibia Petroleum Operators Association, exploration companies have sunk in over N$30 billion in the country since independence searching for commercially viable oil finds. 

Namcor estimates that Namibia could generate US$5.6 billion in revenue for the country at peak production from its two oil finds, which have the potential to double the country’s economy, which Bloomberg estimates at US$11 billion by 2040.