PEL 94 - Major Resource Upgrade to 4.31bbl (Mean)

20 May 2025

GEO Exploration Limited

(Formerly Global Petroleum Limited)

("GEO " or the "Company")

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.

Table A:

Estimates of gross attributable Prospective Resources and net attributable Prospective Resources in PEL0094.

GEO*** is operator of licence PEL 94 (Oil, millions of barrels)

Table B Summary of headline volumetrics of newly evaluated Lead in the eastern blocks (Oil, millions of barrels)

Table C Licence Wide Prospective Resources - Comparison of the total unrisked and risked resource base for PEL 94 before and after the 2025 Emerald‑Beryl evaluation

Figures for March 2023 derived from the prior independent assessment for PEL 94;May 2025 figures integrate the newly evaluated Emerald and Beryl leads.

* "Gross" means 100% of the resources attributable to the Licence, so does not include any resources outside of the Licence.

** 'Net Attributable' are those resources attributable to Global Petroleum Ltd at its working interest of 78% (these are not net of the 5% royalty)

*** The operator of the Licence is Global Petroleum Namibia Limited, a 100% subsidiary of Global Petroleum Exploration Limited, which is a 100% subsidiary of GEO Exploration Limited

"1U, 2U and 3U" denotes the unrisked low, best and high estimates respectively qualifying as Prospective Resources, and where there should be at least a 90%, 50% and 10% probability respectively that the quantities recovered will equal or exceed the estimates"Risk Factor" is the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum. This, then, is the chance or probability of Prospective Resources maturing into a Contingent Resource. Where a prospect could contain either oil or gas the hydrocarbon type with the higher probability of being discovered has been listed in the table."Prospective Resources" is the estimated quantities of petroleum that may be potentially recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The information contained within this announcement is deemed by the Company to constitute inside information under the UK Market Abuse Regulations ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

For further information please visit: www.geoexplorationlimited.com or contact: 

GEO Exploration Limited

Hamza Choudhry, CFO and Executive Director

[email protected]

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott, Jade Bayat

+44 (0) 20 3368 3555

CMC Markets (Joint Broker)

Douglas Crippen

+44 (0) 20 3003 8632

SI Capital Limited

Nick Emerson

+44 (0) 14 8341 3500

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This announcement has been issued by and is the sole responsibility of the Company.

Technical Background

Regional Context - While Walvis Basin itself is still emerging, the neighbouring Orange Basin has delivered the giant Venus‑1X, Graff‑1X and Mopane‑1X discoveries, demonstrating an active Cretaceous oil‑prone petroleum system along the Namibian margin.

Trap Geometry & Leads - Normal‑fault‑bounded blocks create robust structural closure; mapping indicates ~75 m vertical relief on Emerald and ~50 m on Beryl. 

Reservoir - Turbidite sandstones are expected; an Albian canyon system provides sediment fairways. Nearby wells corroborate reservoir presence. 

Seal - Thick intra‑formational shales above both objectives; transparent packages observed on seismic. 

Source & Charge - Barremian-Aptian Kudu Shale is modelled to be mature beneath PEL 94; seismic shows gas chimneys and amplitude anomalies consistent with active charge. 

Risking - Principal uncertainties are trap geometry (awaiting 3‑D seismic data) and reservoir quality; the Geological Risk Factors reflects these factors.

Licence Information in PEL 94

Location of PEL 94 (Block 2011A) and Prospects/Leads

PEL 94 covers an area of 5,798 square kilometres offshore northern Namibia in water depths ranging from 350 to 1,550 metres, as shown in figure 1 below.

The two prospects and 9 leads for PEL 94 (including the newly identified leads Emerald and Beryl) are shown in figure 2 below.

Figure 1: Location map for Geo's Namibian licence PEL 94 (Block 2011A)

Figure 2: Prospect and lead portfolio map for GEO's Namibian licence PEL 94

Participating Interests in PEL 94:

78% Global Petroleum Namibia Limited (100% owned subsidiary of GEO Exploration Limited)

17% National Petroleum Corporation of Namibia (Proprietary) Limited ("Namcor", the Namibian State Oil Company)

5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe", a private Namibian company)

Namcor and Aloe are carried by Global (GEO).

Competent Person - New 2025 Data

The petroleum resources information in this release is based on, and fairly represents, information and supporting documentation in a report compiled by Gil Machado, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Gil is the Technical Manager at Chronosurveys Lda, a Geological consulting company providing services internationally. He has a PhD in Stratigraphy and Petroleum Geology and 15 years of experience in the oil and gas industry, dealing with projects in West Africa, Brazil, Middle East and Portugal. He is a member of the American Association of Petroleum Geologists and the European Association of Geoscientists and Engineers.

Doctor Gil Machado has consented in writing to the inclusion of the petroleum resources information in this announcement in the form and context in which it appears.

Competent Person - Data 2023

The petroleum resources information in this release is based on, and fairly represents, information and supporting documentation in a report compiled by Paul Howlett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Paul is Consultant Exploration Manager for Global Petroleum and director/principal of Energy Explorers Limited. He has a Master's Degree in Sedimentology from Birkbeck College of the University of London, is a Member of the American Association of Petroleum Geologists and has 30 years of experience in the oil and gas industry. Mr Howlett has consented in writing to the inclusion of the petroleum resources information in this announcement in the form and context in which it appears.