Shell April 2026 Namibia Drilling: What the 10th PEL 39 Well Means for Orange Basin PEL 107

Shell is spudding its 10th exploration well on PEL 39 in Namibia's Orange Basin in April 2026, using the Deepsea Mira semi-submersible rig. It is the most watched well in Africa this year, and its result will have direct read-across to adjacent acreage including Stamper Oil & Gas's PEL 107 (Block 2712A), where the company holds a 32.9% working interest.

What Shell Is Drilling on PEL 39 in April 2026

Shell confirmed its return to PEL 39 in January 2026 after pausing drilling in early 2025 following a $400 million write-down. The company awarded a $16 million offshore drilling contract to Odfjell Drilling for use of the Deepsea Mira, a 2018-built semi-submersible owned by Northern Ocean. The contract covers one firm well of approximately 45 days duration, with an option for a second well.

PEL 39 is co-owned by Shell (45%, operator), QatarEnergy (45%), and NAMCOR (10%). Shell has drilled nine wells on this licence since 2021: Graff-1, La Rona-1X, Jonker-1X, Graff-1A, Lesedi-1X, Cullinan-1X, Jonker-1A, Jonker-2A, and Enigma-1X. Eight of nine encountered hydrocarbons; Cullinan-1X was a dry hole. The 2025 write-down reflected reservoir quality issues rather than absence of oil across most of the programme. The April 2026 well is Shell's attempt to find a target with better reservoir characteristics.

The Play Type and What Shell Is Looking For

The well targets the Cretaceous turbidite play, the same system responsible for the Venus discovery (TotalEnergies, 2022), Graff (Shell, 2022), La Rona (Shell), Jonker (Shell), Mopane (Galp, 700 million barrels contingent resources, facilities-constrained flow rate of 14,000 boe/d), and the Rhino Resources Capricornus-1X and Volans-1X wells (facilities-constrained flow rate of 11,000 bbl/d, November 2025).

All nine of Shell's prior PEL 39 wells found hydrocarbons. The challenge has been reservoir quality: finding turbidite sands that are thick, clean, and well-connected enough to deliver commercial flow rates. Shell has integrated seismic and well data from all prior campaigns to sharpen the target selection on this 10th well. That is the specific technical improvement that differentiates the April 2026 campaign.

Why PEL 107 Has Direct Read-Across

Stamper Oil & Gas holds a 32.9% working interest in Block 2712A under PEL 107. The block covers 5,484 km² in the northern Orange Basin in water depths of 2,800 to 3,900 metres. It sits contiguous with TotalEnergies' Venus discovery to the south and Galp's Mopane field. The Moosehead-1 exploration well drilled on adjacent PEL 87 in 2013 also confirmed reservoir presence in the area.

A discovery on Shell's PEL 39 would provide direct geologic confirmation that the Cretaceous play system delivers commercial-quality reservoirs in this part of the Orange Basin, which includes the fairway that runs through PEL 107. It would also increase industry confidence in the broader area, supporting Stamper's planned farm-out of PEL 107 for seismic acquisition ahead of an exploration well targeted for 2027.

Shell's Nine Previous PEL 39 Wells: What Was Found

Between 2021 and 2024, Shell drilled nine exploration and appraisal wells on PEL 39. Eight of nine encountered hydrocarbons; Cullinan-1X was a dry hole. The challenge across the programme has primarily been reservoir quality, with low permeability and elevated gas content limiting commercial viability at current development economics.

Shell's January 2025 $400 million write-down cited "technical and geological difficulties," specifically reservoir quality issues that rendered several of these finds commercially unviable at that stage. The 10th well is designed using integrated learnings from all nine prior wells to target a location with better reservoir characteristics.

Why Reservoir Quality Is the Critical Variable

In the Orange Basin, the presence of hydrocarbons is not in question — every well drilled by Shell encountered oil or gas. The technical challenge is finding turbidite sandstone reservoirs that are thick, laterally connected, and have sufficient permeability to sustain commercial flow rates. Low-permeability reservoirs require extensive stimulation that may not be economic in deepwater settings.

Shell's approach for the 10th well is to integrate seismic amplitude anomalies with lithological indicators from all prior wells to identify a target with a higher probability of meeting permeability thresholds. This is the specific technical change driving the return to drilling after the 2025 pause.

The 2026 Orange Basin Drilling Calendar

Shell's April 2026 campaign is one of several confirmed high-impact events in Namibia's offshore basins this year:

• April 2026: Shell 10th well on PEL 39, Orange Basin — Deepsea Mira rig, one firm well, option for a second, results expected late Q2 2026
• Mid-2026: TotalEnergies Venus Final Investment Decision (FID) expected on PEL 56 — partners: TotalEnergies 45.25%, QatarEnergy 35.25%, NAMCOR 10%, Impact Oil & Gas 9.5%
• H2 2026: Chevron Gemsbok-1 well on PEL 82, Walvis Basin — adjacent to Stamper's PEL 106 and PEL 98
• 2026/2027: Stamper Oil & Gas farm-out of PEL 107 targeting 3D seismic and a 2027 exploration well

Multiple basin-opening catalysts occurring in a single year is unusual for any frontier jurisdiction. Namibia's 2026 schedule reflects the sustained commitment of supermajors to a province that has already confirmed multi-billion barrel resources.

Stamper's Position: PEL 107 Adjacency and Current Metrics

Stamper Oil & Gas (TSX-V: STMP | OTC: STMGF | DE: TMP0) completed a CAD $13.2 million financing in September 2025 with 37% institutional participation and holds no debt. The company's market capitalisation as of March 2026 is approximately CAD $16 million with 115.12 million shares outstanding. Its risked net asset value, using USD $2–3 per barrel in-ground valuations and 10–20% geological chance of success, is estimated at approximately CAD $255 million — representing significant probability-weighted upside from current levels.

PEL 107 (Block 2712A, 5,484 km²) sits contiguous with TotalEnergies' Venus discovery and Galp's Mopane field in the northern Orange Basin. Stamper's work programme includes acquiring and reprocessing existing seismic, then shooting a 3D seismic campaign ahead of an exploration well in 2027. The farm-out of PEL 107 to a partner who funds seismic and drilling in exchange for a working interest stake is the primary near-term re-rating catalyst.

The Sintana Energy Precedent and STMP Comparison

Sintana Energy (TSX-V: SEI | OTCQX: SEUSF) saw its market capitalisation peak at over CAD $440 million (December 2024) after Galp's Mopane confirmation and adjacent Orange Basin discoveries de-risked its acreage — up from under CAD $100 million before the major discovery cycle. Sintana holds a 4.9% indirect economic interest in Galp's Mopane discovery through Custos Energy, and has secured evaluation rights for PEL 37 in the Walvis Basin.

Stamper's management has cited the Sintana precedent as a comparable re-rating pathway for STMP shareholders. Stamper's current market capitalisation of approximately CAD $16 million — against exposure to five PELs spanning the Orange, Luderitz, and Walvis Basins — positions the company earlier on that curve, with the Shell PEL 39 result being a key de-risking event for PEL 107.

Confirmed Key Facts

• Licence: PEL 39, Orange Basin, offshore Namibia
• Operator: Shell (45%), QatarEnergy (45%), NAMCOR (10%)
• Rig: Deepsea Mira (Odfjell Drilling, Northern Ocean)
• Spud date: April 2026
• Well count: 10th exploration well on PEL 39; one firm well, option for a second
• Contract value: $16 million for the firm well
• Duration: ~45 days for the firm well
• Play type: Cretaceous turbidite sands
• Adjacent acreage: Stamper PEL 107 (Block 2712A, 32.9% WI)
• Expected results: Late Q2 2026