"TotalEnergies has made another oil discovery offshore Namibia, although it is too early to say if the find is commercial. The ultra-deepwater exploration probe, said well-watchers, was also drilled deeper to intercept a northern extension of the supermajor’s huge Venus discovery. TotalEnergies Mangetti-1X probe is being drilled in Block 2913B by the drillship Tungsten Explorer and was targeting a prospect located at a shallower geological depth than Venus.
Three sources indicated to Upstream that the probe hit oil at Mangetti — possibly in two reservoirs — and was also successful in hitting the Venus reservoir. One source said the supermajor is “assessing” the results, with logging underway towards the end of last month. Another Namibia observer added that TotalEnergies may want to drill an appraisal well on Mangetti which, given the cost of drilling in waters three kilometres deep, would suggest the operator has a positive view on the discovery."
PCL Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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