Stamper Oil & Gas (TSX:STMP) — The Value Case
As at January 31, 2026, Stamper had 115,104,524 common shares issued and outstanding at a share price of C$0.135, giving it a market capitalisation of approximately C$15.5 million. The company carries no debt and completed a C$13.2 million brokered financing in September 2025, with proceeds used to acquire its Namibian asset portfolio from BISP Exploration Inc.
Stamper's five offshore blocks span three basins and four PELs:
- PEL 107 — 32.9% working interest, Block 2712A, Orange Basin. Adjacent to TotalEnergies, Galp, and Rhino Resources discoveries. Work programme targets 3D seismic ahead of an exploration well in 2027.
- PEL 106 — 5% carried interest, blocks 2011B and 2111B, Walvis Basin. Four high-quality prospects identified from 3D seismic, immediately adjacent to Chevron's PEL 82.
- PEL 98 — 5% carried interest, block 2213B, Walvis Basin. Adjacent to PEL 82; Ranger Oil previously drilled one well on the block.
- PEL 102 — 20% carried interest, block 2614B, Luderitz/Orange Basin. Located north of the Kudu Gas Field, currently subject to additional JV activities.
The investor presentation notes that historically PELs in Namibia trade at C$5–$10 million per block. At roughly C$3.8 million per block, Stamper represents a discount to that peer range. Financing was allocated 37% institutional, 13% insiders, 50% retail and high-net-worth investors across 13 countries.
Sintana Energy (TSX-V: SEI) — The Peer Most Often Cited
Sintana Energy entered Namibia in October 2021 with financing completed in March 2022, well before any exploration success offshore Namibia was confirmed. Its market cap grew from roughly C$10 million at entry to a peak above C$440 million by end-2024, driven by Chevron's farm-in to PEL 82 and the series of Orange Basin discoveries. By March 2026, Sintana's market cap had declined to C$256 million with roughly 375 million shares outstanding.
Sintana holds interests in five Namibian PELs: an indirect interest in PEL 79 in the northern Orange sub-basin, a 15% limited carried interest in PEL 87, and 10% limited carried interests in PELs 82, 83, and 90. The company's PEL 82 position gives it direct leverage to Chevron's 2026 Gemsbok well.
Stamper's management has publicly cited Sintana's re-rating trajectory as the model for STMP's own value creation path. Sintana's first-year stability despite no exploration results, followed by re-ratings tied to farm-outs and drilling success, mirrors the stage Stamper is at today — but Stamper entered with higher working interests and ahead of an even denser 2026 drilling calendar.
Eco Atlantic Oil & Gas (TSX-V: EOG) — Larger Float, Extended Licences
Eco Atlantic holds interests in PELs 97, 99, and 100 covering approximately 25,000 km² of offshore Namibia, plus the Cooper Block. In September 2025, all four of its active PELs received a one-year extension to their Initial Exploration Period, now running through September 2026. The company is seeking farm-down partners for the extended licences.
Eco farmed out its 85% working interest in its PEL 98 (the Sharon Block, separate from Stamper's PEL 98) to Lamda Energy, a Namibian-owned operator, in September 2025, pending regulatory approval. As of March 2026, Eco's market cap stood at approximately C$301 million with the stock trading around C$0.87–$0.95.
Eco Atlantic's Namibian blocks are not directly adjacent to the 2026 Shell, Chevron, or Venus catalyst events, which concentrates near-term catalyst risk in operators on PEL 39, PEL 82, and PEL 56. That is one structural difference relative to Stamper's positioning.
Pancontinental Energy (ASX: PCL) — Single Block, Renewal Pending
Pancontinental Energy holds a 75% working interest in PEL 87 covering 10,970 km² of offshore acreage in the Orange Basin. In January 2026, the company applied for a 12-month extension to the First Renewal Exploration Period, having submitted the application in October 2025. Under Namibia's Petroleum Act, licences do not expire while renewal applications are under consideration.
As of mid-2025, Pancontinental's market capitalisation was approximately A$138 million on the ASX. PEL 87 sits in the Orange Basin, the most active exploration province in Namibia. Moosehead-1, drilled on neighbouring PEL 87 in 2013, is one of the analogue wells cited in Stamper's PEL 107 geological analysis.
2026 Catalyst Exposure: Which Blocks Are Closest?
The defining event for 2026 is the combination of Shell's 10th PEL 39 well in April, Chevron's Gemsbok well in H2, and TotalEnergies' Venus FID. Here is how each company's blocks line up:
| Catalyst | STMP | SEI | EOG | PCL |
|---|---|---|---|---|
| Shell PEL 39 (Apr 2026) | PEL 107 adjacent | PEL 83 / 90 nearby | Indirect | PEL 87 nearby |
| Chevron PEL 82 (H2 2026) | PEL 106 & 98 adjacent | 10% CI in PEL 82 | None noted | None noted |
| Venus FID (mid-2026) | PEL 107 same fairway | PEL 90 nearby | Indirect | Indirect |
Adjacency based on publicly available PEL maps and company investor presentations. Source: Stamper investor presentation Feb 2026; Sintana Energy website; Eco Atlantic press releases; Pancontinental Energy announcements.
The Key Difference: Per-Block Valuation
According to Stamper's own investor presentation, non-Orange Basin-focused single-asset companies have historically traded at between C$5 million and C$10 million per block. Orange Basin-focused companies have traded at multiples of Stamper's current valuation on a per-block basis.
At roughly C$3.8 million per block based on its January 2026 market capitalisation and five block portfolio, Stamper sits below that historical floor. The company's management points to three drivers that could change this over 2026: farm-out activity across any of its blocks, results from the Shell PEL 39 and Chevron PEL 82 wells that de-risk adjacent acreage, and the commencement of seismic acquisition on PEL 107 as a precursor to a 2027 exploration well.
The comparison to Sintana's trajectory is the clearest market analogue available. Sintana entered Namibia before discoveries were confirmed, held carried and working interests, and re-rated as farm-outs and drilling success accumulated. Stamper entered after three major Orange Basin discoveries and ahead of a 10–13 well per year drilling cycle, with higher working interests in the Orange Basin and both Orange and Walvis Basin carried positions.
Track STMP Through the 2026 Catalyst Cycle
Shell April drilling, Chevron H2, Venus FID. View Stamper's full block positioning and request investor information.