With BP, Equinor and Petrobras Entering Namibia, This Junior Holds Ground Across Three Offshore Basins

Namibia’s Emergence as a Leading Offshore Oil Play

Over the past four years, Namibia has transformed from an untested frontier into one of the world’s most closely watched new oil and gas provinces. Since 2022, TotalEnergies, Shell, Galp Energia and Rhino Resources have announced multiple discoveries in the Orange Basin, which Stamper describes as multi-billion-barrel discoveries. These results have drawn comparisons to Guyana, where discoveries made a decade ago are now in production. With majors like Chevron and TotalEnergies, and midcaps like Rhino Resources, committing to multi-well drilling programs, the country is positioned for the development of a world-class upstream oil and gas industry.

While supermajors dominate the headlines, junior explorers with carefully chosen acreage can give investors exposure to the same basin-opening activity.

A Namibia-Focused Explorer Across Three Offshore Basins

Stamper Oil & Gas Corp. (TSX-V: STMP | US OTC: STMGF | Germany: TMP0) is an oil and gas exploration company focused exclusively on Namibia. Through its acquisition of BISP Exploration Inc. in September 2025, the company holds interests in five offshore blocks covering four Petroleum Exploration Licences (“PELs”) across three of the country’s four major basins:

• Orange Basin (PEL 107, Block 2712A): a 32.9% indirect working interest in this 5,484 km² licence, about 210 km offshore, in the basin that has delivered the country’s major discoveries since 2022. PEL 107 sits adjacent to PEL 90, where Chevron expects to drill the Nabba-1X exploration well before the end of 2026.
• Lüderitz Basin (PEL 102, Block 2614B): a 20% carried interest in a shallow-water block adjacent to PEL 104, where TotalEnergies and Petrobras entered in early 2026.
• Walvis Basin (PEL 98, Block 2213 and PEL 106, Blocks 2111A/2011B): 5% carried interests near Chevron-operated PEL 82, where an exploration well is expected in 2027.

Together, these holdings give Stamper exposure across three basins, several licences that could be the subject of farm-out transactions, and a series of drilling events by neighbouring operators.

The BISP Acquisition

The company’s portfolio came together through the acquisition of BISP Exploration, completed on September 10, 2025 by way of a three-cornered amalgamation that brought BISP into Stamper as a wholly owned subsidiary.

Key details:

• Share exchange: all BISP shares were exchanged for Stamper common shares on a 1:1 basis.
• Warrants: 32.9 million BISP warrants were exchanged for Stamper warrants exercisable at $0.35 for three years. Broker warrants exercisable at $0.20 were also issued.
• Consideration for the assets: a US$800,000 deposit paid before closing, then US$5 million cash and 5 million Stamper shares at closing. Under an amending agreement dated September 17, 2026, the remaining deferred consideration is US$500,000 cash, payable by December 31, 2026, and 16.5 million shares vesting over 18 months. The amendment remains subject to TSX Venture Exchange acceptance.
• Financing: a brokered private placement led by Ventum Financial Corp. raised C$11.5 million through 57.6 million subscription receipts at $0.20.

The acquisition gives Stamper exposure to exploration blocks in basins where seismic work and industry drilling are already under way nearby, including carried interests where partners fund the bulk of costs.

Leadership with Namibian Experience

Leadership in frontier exploration matters. With the BISP acquisition, Grayson Andersen became CEO of Stamper.

• Formerly with ReconAfrica (TSX-V: RECO), which holds a large onshore Namibian position.
• A 25-year career in oil and gas and capital markets across Canada, the UK and Europe, South America and Africa, including 15 years of Namibia experience.
• Previous roles with Frontera Energy (TSX: FEC), GeoPark (NYSE: GPRK) and Canadian Natural Resources (TSX/NYSE: CNQ).
• A Chartered Professional Accountant (CPA, CA), bringing both technical and financial experience to the company.

Assets in Detail: Exposure Across Three Basins

Orange Basin (PEL 107, Block 2712A)

• A 32.9% indirect working interest, held through Stamper’s 47% of WestOil, which holds 70% of the licence.
• Located north of discoveries by Rhino Resources (Capricornus), Galp Energia (Mopane) and TotalEnergies (Venus, where a final investment decision is expected).
• Covers 5,484 km², about 210 km offshore, in water depths of 2,800 to 3,900 m.
• Similar stacked-pay play concepts have been drilled at Venus-1 (TotalEnergies), Mopane (Galp), Capricornus (Rhino) and Graff-1 (Shell).
• Stamper is making introductions to support potential farm-out discussions, with 3D seismic acquisition and prospect ranking as the next steps.
• Adjacent to PEL 90, where Chevron expects to drill the Nabba-1X exploration well before the end of 2026. Industry participation in PEL 90 has broadened: Equinor announced on August 18, 2026 an agreement to acquire a 17.4% participating interest from Chevron’s subsidiary, and Sintana Energy announced on October 1, 2026 that Trago Energy had agreed to transfer its 10% participating interest to the same Chevron subsidiary for US$11 million at completion plus contingent consideration. Both transactions remain subject to approvals and completion conditions.

Lüderitz Basin (PEL 102, Block 2614B)

• A 20% indirect carried interest, held through Stamper’s 66.67% of NASMAM, in a shallow-water block north of the Kudu Gas Field. NAMCOR is the operator.
• Adjacent to PEL 104, where TotalEnergies and Petrobras entered in early 2026.
• As a carried interest, partners fund the bulk of expenditures.
• The operating partner has applied either to extend the Initial Exploration Period or to transition into the First Renewal Exploration Period (announced October 26, 2026). The application remains subject to regulatory approval.

Walvis Basin (PEL 98 and PEL 106, Blocks 2213, 2111A, 2011B)

• 5% carried interests in acreage near Chevron-operated PEL 82, where an exploration well is expected in 2027.
• Near PEL 97, PEL 99 and PEL 100, where BP is a 2026 entrant and is expected to acquire 3D seismic.
• The Walvis Basin has yet to deliver a commercial discovery. The nearby Wingat-1 well brought oil to surface in 2013.
• On PEL 106, the operating partner has applied to extend the Initial Exploration Period by a further 12 months to advance technical evaluation, including additional 3D seismic. On PEL 98, the operating partner has applied either to extend the Initial Exploration Period or to transition into the First Renewal Exploration Period. Both were announced October 26, 2026 and remain subject to regulatory approval.

Stamper’s carried interests in the Lüderitz and Walvis basins give it exposure to partner-funded activity, while PEL 107 is its largest working interest.

Namibia’s Drilling Cycle

Namibia is entering a period of sustained offshore drilling. Industry estimates cited in Stamper’s September 2026 presentation (Rystad and company reports) point to 10 to 12 wells per year through 2030, from operators including Shell, TotalEnergies, Galp, Chevron and Rhino Resources. In its October 26, 2026 update, Stamper noted that three deepwater rigs are preparing for exploration and appraisal campaigns from Chevron, TotalEnergies and Shell.

Each new well tests fresh prospects and adds to the understanding of the wider basin, including the acreage held by juniors like Stamper.

Namibia’s fiscal terms are designed to encourage exploration:

• 5% royalty on crude oil produced
• 35% petroleum income tax for resident companies
• NAMCOR carried interest, negotiated with a minimum of 10%

The regulatory framework is also moving. On October 20, 2026, Namibia’s Petroleum (Exploration and Production) Amendment Bill cleared its second reading in the National Assembly with 50 votes in favour and none against. The Bill proposes to formally establish an Upstream Petroleum Unit in the Office of the President to oversee licensing, policy coordination and project negotiation. It remains subject to the rest of the legislative process, presidential assent and commencement.

Upcoming Catalysts

Developments to watch:

• Nabba-1X (expected before the end of 2026): Chevron’s exploration well on PEL 90, adjacent to Stamper’s PEL 107.
• Licence extensions and renewals: the operating partners on PEL 98, PEL 102 and PEL 106 have applied for extensions to the Initial Exploration Period or transitions into the First Renewal Exploration Period, all subject to regulatory approval.
• Farm-out transactions: Stamper is working with its partners on potential farm-outs, with PEL 107 and PEL 106 the focus named in its May 2026 update.
• Regional appraisal: TotalEnergies announced on September 3, 2026 a three-well appraisal campaign at the Mopane discovery on PEL 83, potentially starting in the second half of 2026, and Shell has indicated further drilling on PEL 39 later in 2026 following Merlin-1X.
• Lüderitz Basin: TotalEnergies and Petrobras entered PEL 104, adjacent to PEL 102, in early 2026.
• Walvis Basin (2027): Chevron’s PEL 82 exploration well, expected after Nabba-1X, near PEL 98 and PEL 106, with BP acquiring 3D seismic on its neighbouring licences.

Timing for each rests with operators, partners and regulators. Results on neighbouring licences do not establish hydrocarbons or commercial viability on Stamper’s licences.

Outlook

Namibia is emerging as one of the world’s most active offshore exploration regions, with majors committing to multi-year exploration programs.

Stamper Oil & Gas (TSX-V: STMP) offers exposure to this activity through a Namibia-focused explorer, with interests in four PELs across three basins, including a 32.9% indirect working interest in PEL 107 in the Orange Basin.

As seismic is acquired, wells are drilled and results are announced across the region, Stamper is a company worth watching closely.