Geo Announces Significant Resource Upgrade To 4.31 Billion Barrels (Mean) In Pel 94 Licence

Key Highlights

• 23 % uplift in unrisked licence-wide prospective resources to c. 4.31 billion barrels (mean).

• 618 million barrels (MMbbl) unrisked net mean now further attributable to GEO’s 78% working

interest (103 MMbbl risk-adjusted) in PEL94.

• Prime Walvis Basin “sweet-spot” location in 350–1 550 m water depths; regional successes in

the Namibia’s Orange Basin (Venus, Graff, Mopane) underline the country’s deep-water

potential.

GEO Exploration Limited (AIM: GEO) is pleased to announce the results of an independent

geoscience evaluation of Licence PEL 94 (Block 2011A), offshore Namibia. The study has greatly

enhanced our understanding of the potential in the eastern portion of PEL94 and it has identified two

new sandstone leads - Emerald (in the Albian) and Beryl (in the Cenomanian). The work confirms

substantial upside and a materially de-risked resource base.

The evaluation concludes that Emerald and Beryl together contain 792 MMbbl of unrisked gross

mean prospective resources, with 726 MMbbl attributable to Emerald and 66 MMbbl to Beryl. At

GEO’s 78% working interest this equates to 618 MMbbl of net mean resources, while the assigned

weighted Geological Risk Factor (or geological chance of success) yields 103 MMbbl of risk-adjusted

net mean resources.

Importantly, these upgraded numbers lift the licence-wide unrisked gross mean prospective

resources on PEL 94 to approximately 4.31 billion barrels, representing a 23 % increase over the

3.52 billion barrels announced on 27 March 2023. On a risked net basis, GEO’s share has grown by

roughly 32 % to 429 MMbbl.

Seismic mapping has delineated robust, dip and fault-bounded structural closures. The seismic

data interpretation has also highlighted direct hydrocarbon indicators in the area—including gas

chimneys and flat spots—providing strong evidence for an active petroleum system, migration of

hydrocarbons throughout the section and therefore increasing the chance that the leads are charged

with oil. The water depth is c.750 m at the location of the leads identified.

The 5798 km² licence area sits within the Walvis Basin “sweet-spot,” an area benefiting from

improved charge maturity modelling, while recent world-class discoveries in the Orange Basin to the

south (Venus, Mopane, Capricornus) highlight the prolific nature of Namibia’s Atlantic margin.

Omar Ahmad, Chief Executive Officer of GEO Exploration Limited, commented:

"Before commenting on these exciting results, I would first like to congratulate Her Excellency Dr

Netumbo Nandi-Ndaitwah on her appointment as President of Namibia and Victoria Sibeya on her

appointment as Acting Managing Director of the National Petroleum Corporation of Namibia

(NAMCOR). I would like to thank Petroleum Commissioner Maggy Shino, the Namibia Ministry of

Mines and Energy and our partners for their continued support to Geo.

Today's resource upgrade underscores the tremendous potential we see in PEL 94 and the strong

conviction we have in our Namibian licence. Our technical team has done a terrific job delivering

new, material leads on the eastern side of the block. With excitement building across Namibia—and

particularly in the Walvis Basin—we are actively progressing farm-out discussions to secure the best

outcome for our shareholders"

Volumetrics of Prospects and Leads for PEL 94

The Prospective Resources are detailed in Table A below and have been classified in accordance with

the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS), and have

been estimated using a probabilistic method. They are based on 3D and 2D seismic data and

geological information, including analogues, to which GEO has access. The prospects are considered

viable drilling targets. The leads require more data and/or evaluation before they can be considered

viable drilling targets.