"A large opportunity set of exploration prospects has been identified in deepwater Block 3B/4B and the ability to stack targets in early wells on the license combined with an extensive data acquisition campaign will help to significantly understand the prospectivity and presents opportunities for ‘cluster’ developments to optimize value from any possible developments. Recent exploration in South Africa has opened a new deepwater play. TotalEnergies made the Brulpadda gas-condensate discovery on Block 11B/12B in 2019. Prior to this discovery, South Africa's deepwater plays had seen minimal exploration. Only four deepwater exploration wells had been drilled, in the late 1980s and early 1990s, in the Southwest coastal basin. TotalEnergies followed the Brulpadda discovery with the Luiperd discovery in 2020. Shell Exploration & Production’s (“Shell”) recent Graff well discovery and TotalEnergies Venus well discovery in deep water Namibia contain seismic amplitude anomalies and are on trend with AOC’s South African 3B/4B license. The discoveries prove the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in the AOC 3B/4B Exploration Right. Block 3B/4B is in water depths ranging between 500 m and 2,500 m with the majority of the prospects lying in approximately 1,500 m of water. AOC has approximately 14,000 km2 of 2D seismic and 10,800 km2 of 3D seismic over Block 3B/4B. RISC has reviewed 10,210 km2 of 3D seismic..."
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