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Spaniard’s to start multi-million dollar drilling offshore

The Rowan Renaissance, the drill ship contracted for a period of 3 years to drill the Welwitchia-1well. Drilling is expected to start in two weeks time and the project is expected to cost approximately N$953 million (US$90 million) to N$1.3 billion (US$125 million).

The Rowan Renaissance, the drill ship contracted for a period of 3 years to drill the Welwitchia-1well. Drilling is expected to start in two weeks time and the project is expected to cost approximately N$953 million (US$90 million) to N$1.3 billion (US$125 million).

The Spanish Oil and gas company Repsol Namibia, with its partners Tower Resources and Arcadia Expro Namibia will start with drilling of the Welwitchia-1well in their license blocks, 1810A, 1911 and 2011A offshore Namibia around 14 April.
This was revealed last week, 29 March during a visit to the drill-ship on the Walvis bay harbour. The delegation consisted of the Minister of Mines and Energy, Spanish Ambassador to Namibia, Namcor and senior Repsol management from Spain.
The Economist got an insight of what the project might cost when it spoke to Immanuel Mulunga, Namibia’s petroleum commissioner at the Ministry of Mines and Energy. He stated that the drilling project might amount to a colossal N$953 million (US$90 million)-N$1.3 billion (US$125 million).
“The drilling is expected to be completed towards the end of May 2014, with hopes of a commercial discovery this time around. Although this is the only well to be drilled this year, this well will be the 7th offshore well to be drilled in country since 2008 and the 22nd to be drilled offshore Namibia since exploratory drilling started here in 1974” stated a release issued by Ten Hasheela Chief Public Relations Officer, Ministry of Mines and Energy.

“The well will be drilled by the brand new drillship by the name of Rowan Renaissance which Repsol has contracted for a period of 3 years to drill its Namibian well and its other wells around the world. License 0010 was one of the first licenses issued in 2005 and has seen a change in ownership several times. It was initially issued to Neptune Petroleum who later brought in Arcadia Petroleum, who after a successful 3D seismic campaign, in turn brought in Repsol.”said the ministry.
The Ministry of Mines and Energy has been very aggressive in its promotion and licensing efforts in the last 10 years with thousands of 2D and 3D seismic data having been shot over the lengths and breaths of the EEZ such that there is hardly a block that hasn’t been intersected by a seismic line offshore Namibia. Over the same period US$1 billion has been spent in Namibia on oil and gas exploration.
Last year the first oil sample in the country was discovered by a Brazilian Oil and Gas Company HRT, though not commercially viable, proving the existence of two mature source rocks in the oil generating window thus confirming that there is an active petroleum system in the basins where the wells were drilled. This has attracted additional interest from other big exploration companies such as Tullow, Shell, Murphy, OMV and Impact who have all recently farmed in into various blocks in Namibia over the past few months.
“We expect more international oil companies to enter Namibia in the next few months to come and participate in 3D seismic surveys and drilling of more wells. Even in the unfortunate event that the Welwitschia-1 well comes up dry the country is at least assured of more drilling of exploratory wells in the foreseeable future.”added the ministry.

About The Author

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.