2026 Namibia Oil Catalysts:
Shell, Chevron, Venus FID

Shell confirmed it will spud its 10th exploration well on PEL 39 in April 2026, contracting the Deepsea Mira semi-submersible under a $16 million deal with Northern Ocean Limited. The 45-day programme includes one firm well with an option for a second.

This well targets better reservoir quality than earlier PEL 39 wells. Despite a $400 million write-down in January 2026 citing non-commerciality concerns, Shell has reaffirmed its long-term commitment to the Orange Basin as a proven hydrocarbon system.

Stamper's PEL 107 (Block 2712A, 32.9% working interest) sits directly north of Galp's and TotalEnergies' discoveries and shares analogous stratigraphy with the same play fairway Shell is targeting on PEL 39. Any reservoir confirmation strengthens the geological case for adjacent acreage.

TotalEnergies' deputy CFO confirmed a mid-2026 target for the Final Investment Decision on the Venus oil field (PEL 56, Block 2913B), with first oil expected in 2030. The ESIA process is underway with stakeholder sessions conducted in early 2026 in the Erongo and Kharas regions.

Venus is one of the largest deepwater oil discoveries made globally in the past decade. A positive FID would commit billions in development capital to Namibia's offshore, dramatically de-risking the entire Orange Basin play — the same fairway where Stamper's PEL 107 sits.

TotalEnergies CEO has indicated the investment threshold is keeping production costs below $20 per barrel. The Mopane FID by Galp is also expected in 2026, potentially creating a dual catalyst event for the basin.

Chevron completed its farm-in to PEL 82 in February 2025, acquiring an 80% operating interest. The block covers 11,464 km² of the Walvis Basin in water depths from 260 to 2,460 metres, with over 9,500 km² of 3D seismic data already acquired.

Legacy wells on PEL 82 confirmed a working petroleum system. Wingat-1 recovered 38–41° API light oil from thin-bedded sandy reservoirs, while both wells encountered mature Aptian oil-prone source rock in the generating window. Chevron's Gemsbok prospect is the primary target for the planned 2026 well.

Stamper holds 5% carried interests in PEL 106 (blocks 2011B and 2111A) and PEL 98 (block 2213B), both directly adjacent to PEL 82. A Gemsbok discovery would be transformational for both blocks — each hosts multi-billion-barrel prospects supported by 3D seismic and legacy well data.

Rhino Resources' Volans-1X well (August 2025, Block 2914A, PEL 85) is a gas condensate discovery with 26m of net pay in excellent-quality reservoir sands. Drill stem testing completed January 5–13, 2026 confirmed 33 Mmscfd gas plus ~5,300 bbl/d of condensate (~40° API) at a condensate-to-gas ratio of 160 STB/Mmscf on a 46/64 choke. A follow-up exploration well is expected to define the extent of the system.

Rhino's earlier Capricornus-1X (April 2025) struck light oil (~37° API) with a surface-constrained flow rate of 11,000 bbl/d. Together with Galp's Mopane field (2.79 billion boe of 3C contingent resources, 14,000 boe/d maximum test rate) and TotalEnergies Venus, the Orange Basin now hosts multiple multi-billion-barrel class discoveries.

Stamper's PEL 107 (Block 2712A) sits north of Galp's and Rhino's acreage, making each new Orange Basin discovery an analogical reference point for the block's prospects.

ReconAfrica's Kavango West 1X well (PEL 73, TD 4,200m, completed November 29, 2025) encountered approximately 400 metres of gross hydrocarbon-bearing section in the Otavi carbonate interval. Wireline logging confirmed 64 net metres of hydrocarbon pay across multiple limestone reservoir units. ReconAfrica plans a ~one-month production test in Q1 2026 using TCP perforation on the confirmed pay intervals. BW Energy holds a 20% working interest. A successful test would confirm a new onshore Namibian basin as a commercial system.

While the Kavango Basin is a separate geological province from the Orange Basin, a positive production test result from Kavango West 1X would further validate Namibia as a world-class hydrocarbon jurisdiction and could attract additional investor interest in Namibia-focused equities including STMP.