AfrOil: NAMCOR confirms oil find at Graff-1

Namibia’s national oil company (NOC) has issued a statement confirming the discovery of light crude oil in Graff-1, an exploration well drilled at the deepwater PEL 39 block offshore Namibia.

In its statement, National Petroleum Corp. of Namibia (NAMCOR) reported that the well had “proved a working petroleum system for light oil in the Orange Basin.” It did not comment on the size of the find or speculate on future development, saying that additional laboratory analysis would be needed to assess the quality of the oil and determine potential flow rates.

Additionally, it stressed that the partners would need to explore the licence area further in order to gain more information about the size and potential of the block’s petroleum system. This additional activity will include the drilling of a second exploration well, it said.