Operations
Namibia project
Neptune Petroleum operations
Neptune Petroleum Limited, in August 2005, licensed three blocks lying over the southern flanks of the Walvis Ridge (see Figure 1). The licence had an initial exploration period of two years, now extended to four years, with a minimum expenditure of $1.15 million. Subsequent Exploration Periods, each of two years duration, initially had a single well commitment.
Neptune, as a first step, completed the interpretation of 10,000 kms of bought seismic data covering the Licence area; undertook a comprehensive geochemical study; and contracted a sea surface oil seep survey. The outcome of these assessments gave considerable encouragement. As a consequence, several seismic lines were reprocessed and reinterpreted using Amplitude Variation Offset (AVO) analysis to improve the assessment of hydrocarbon indications. The AVO work revealed strong indications of light hydrocarbons in the north-western area of the Licence, some coincident with commercial scale structures. Also, importantly, the analysis confirmed that there was no AVO evidence to indicate that oil or gas should have been present at the locations of the two unsuccessful wells. Continued
