Shell to Drill for Oil in Namibian Waters

From Business Daily Live

Shell is to drill offshore Namibia, a growing area of interest for oil and gas explorers, the southern African country’s mines and energy minister said on Monday.

Shell has taken over exploration blocks 2913A and 2914B in the Orange Basin from Signet Petroleum, with the Anglo-Dutch group acquiring a 90% stake in the two blocks and Namibian national oil company Namcor keeping its 10% carried interest.

Signet Petroleum’s 42% shareholder Polo Resources, which is listed on London’s junior AIM market, said in a statement last week that Signet had sold its interests in the two blocks “to a major international oil company in a confidential transaction”.

Polo gave no indication of how much the interest had been sold for except to say that it expected a “significant return” for Polo, which would provide additional details as they become available.

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