Oregen Energy (CSE: ORNG, WKN: A41D1A) is advancing its strategy in Namibia’s Orange Basin with the next potential step. The company has signed a non-binding letter of intent to evaluate an equity stake in Petrovena Energy. Petrovena is already a partner of Oregen Energy in Block 2712A (PEL 107) and recently received an award letter to enter into a Petroleum Agreement and obtain a license for the Block 2812Ab area. Should the transaction go through, Oregen Energy would significantly expand its presence in one of Africa’s most active offshore regions.
The focus of the discussions is Block 2812Ab in the Orange Basin off the coast of Namibia. The area covers approximately 2,742 square kilometers and is located directly northwest of Block 2913B (PEL 56), which includes the Venus discovery. TotalEnergies continues to work toward a final investment decision for the Venus development in 2026. For Oregen Energy, an entry via Petrovena would mean establishing a further strategic position in close proximity to already confirmed discoveries, in addition to its existing indirect 33.95% stake in Block 2712A.
Oregen Energy had already invested in Block 2712A in 2025. Through this transaction, the company became the largest shareholder of WestOil Ltd., the block’s operator. Petrovena and NAMCOR each hold a 15% stake there. According to the company, this structure already gives Oregen Energy significant influence today, while technical evaluations and further exploration planning are progressing. The now-initiated review of a stake in Petrovena would thus be a logical extension of the existing Orange Basin strategy.
Oregen Energy moves closer to Venus with Block 2812Ab
For Oregen Energy, Block 2812Ab is of interest primarily due to its location. The area is not only located directly northwest of TotalEnergies’ Venus area, but also immediately west of Chevron’s Block 2813B (PEL 90). This places Block 2812Ab within the same Upper Cretaceous turbidite fairway where several major discoveries have already been made in the Orange Basin.
Water depths on Block 2812Ab range from 2,900 to 3,900 meters. According to the company, the area has already been covered by several historical 2D seismic programs. Based on evaluated regional and neighboring datasets, Oregen Energy sees the potential for Block 2812Ab to exhibit similar structural and stratigraphic features to the neighboring Venus discovery and other finds on PEL 56. In particular, the interpretation of data from the vicinity of Block 2913B supports the company’s assumption that these play types could continue northwest into Block 2812Ab.
In parallel, discussions are underway regarding 3D seismic programs on both Block 2712A and Block 2812Ab. The goal is to further refine existing 2D data and delineate several drill-ready prospects on deep-marine clastic reservoirs similar to the productive reservoirs in the neighborhood. For Oregen Energy, this is a key technical step because 3D seismic allows the spatial extent of these geological systems to be captured much more precisely, thereby better defining future deep-drilling targets.
Block 2712A remains the second pillar for Oregen Energy in the Orange Basin
In addition to the potential new exposure via Petrovena, Oregen Energy already holds a substantial position in Block 2712A. The block comprises 5,484 square kilometers of attractive deepwater acreage in the Orange Basin and is located near licenses held by Chevron, TotalEnergies, Galp Energia, and Shell. Through WestOil as operator, Oregen Energy holds an indirect working interest of 33.95% there.
The combination of Block 2712A and the potential additional access to Block 2812Ab thus aligns perfectly with the strategy of building a concentrated Orange Basin portfolio with multiple catalysts. From a corporate perspective, this not only enhances geological continuity within the portfolio but also increases strategic flexibility regarding technical work programs and potential partnerships. In addition, the location of the blocks in an area with growing infrastructure planning could also create commercial synergies in the long term once the first offshore developments in Namibia move forward.
It is precisely this proximity to active development projects that is a key part of the investment rationale. The company views Block 2812Ab as being at the heart of Namibia’s emerging offshore oil trend. Should the stake in Petrovena be acquired, Oregen Energy would position itself within a corridor increasingly dominated by major international oil companies.
Orange Basin continues to gain momentum
Industrial development in the Orange Basin provides the backdrop for Oregen Energy’s expansion plans. In December 2025, TotalEnergies and Galp agreed to a transaction under which TotalEnergies is to acquire a 40% working interest in PEL 83, including the Mopane discovery. In return, Galp will receive interests in PEL 56 and PEL 91. The agreement also includes an exploration and appraisal program involving three wells over the next two years; the first well is scheduled for 2026. TotalEnergies has outlined a development path for Mopane that could support production of more than 200,000 barrels per day. A final investment decision there is targeted for 2028.
Further activity comes from Rhino Resources and its partners, who have reported a gas-condensate discovery on Block 2914A (PEL 85) with the Volans-1X well. The well encountered 26 meters of net thickness in liquid-rich reservoirs with no observed water contact. Laboratory analyses showed a high condensate-to-gas ratio and liquids of around 40 degrees API. An appraisal well on the Capricornus prospect is planned for 2026, in addition to further testing on Volans.
Shell also intends to resume its exploration activities in the Orange Basin. Together with QatarEnergy and NAMCOR, the company plans a new drilling campaign on offshore Block PEL 39 starting in April 2026 using the Deepsea Mira drilling rig. At the same time, Venus remains a key focal point for the region. TotalEnergies continues to work toward a FID in 2026. The development plan for Venus targets daily production of around 150,000 barrels, with first oil expected around 2030 ( ) and reported development costs of approximately $20 per barrel of oil equivalent.
Against this backdrop, it becomes clear why Oregen Energy wants to further consolidate its position in the Orange Basin. With the non-binding letter of intent regarding Petrovena, the company is initially securing the option to expand its presence in the immediate vicinity of some of Namibia’s most important offshore projects. Whether this will result in a final transaction depends on the ongoing negotiations. The strategic direction, however, is clear: Oregen Energy is focusing on a concentrated portfolio in a basin that is increasingly evolving from a frontier region into an area characterized by active evaluation, development planning, and new drilling activity.
