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Monday, 24 February 2014

Shell eyes Namibia’s offshore oil

Shell may drill offshore in Namibia, an area of growing interest for oil and gas explorers, says Izak Katali, the southern African country's minister of mines and energy.

Shell has taken over exploration blocks 2 913A and 2 914B 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 will provide more details as they become available.