The number of discoveries continues to increase, creating the sense that the basin is beginning to be understood. Consequently, the rate of exploration success should start to increase. We are maintaining our Neutral outlook as there is an awkward phase as the government attempts to balance valorisation of its exposure while continuing to promote what is still a frontier basin
February 5, 2024
Africa - South
The ORCB is a rifted-volcanic passive margin and was created with breakup of the South American and African continental plates during Late Jurassic/Early Cretaceous, followed by rifting and drifting which led to the opening of the South Atlantic Ocean. Regional seismic profiles and drilled well data indicate different play types between outboard and inboard proven plays.
The OCB's technical successes have confirmed its potential, but the Jonker-1x well has been a sea-change in the Basin's prospects. Each successive well provides valuable data points which if shared, could improve the wider basin prospectivity. However, this needs to be driven by the respective host government.
Source: ESRI, BGS, USGS & OGA data
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