Shell to drill offshore Namibia

Shell plans to drill offshore Namibia. According to Reuters, the exploration site is a area of growing interest for oil and gas explorers, the southern African country's mines and energy minister said.

Offshore staff

WINDHOEK, NamibiaShell plans to drill offshore Namibia. According to Reuters, the exploration site is a area of growing interest for oil and gas explorers, the southern African country's mines and energy minister said.

Shell has taken over exploration blocks 2913A and 2914B in the Orange basin from Signet Petroleum, with the Anglo-Dutch group acquiring a 90% stake in the two blocks and Namibian national oil company, Namcor, keeping its 10% carried interest.

Investment company Polo Resources Ltd. (AIM, BSX: POL) reports that Signet Petroleum Ltd. intends to implement a share buyback under which funds not required for ongoing operations and new business opportunities would be returned to shareholders.

Polo says the investment in Signet Petroleum is a central part it strategy to increase its exposure to the oil and gas sector. The last 12 months have been a transformative period for Signet in which the company has acquired and interpreted 3D seismic data over Mnazi Bay (Tanzania), which has confirmed the up-dip extension of the BG/Ophir Chaza-1 discovery well, acquired 2D seismic over block 2914B in Namibia, demonstrating significant prospectivity, and launched a process to examine strategic alternatives, which is being led by First Energy Capital LLP.

Signet holds a portfolio of earlier-stage exploration projects in a number of other territories, including a 10% stake in license block SL 7A-10 in Sierra Leone and a 90% working interest in block 3, offshore Benin.

02/17/2014



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