An international exploration company, Stuck Exploration, based in Austria, has been in Namibia for the last two weeks looking for suitable investors to pursue onshore gas and oil, as well as water exploration ventures.
Once local investors have been identified, Stuck Exploration would establish a project company, which will be based locally. The local project company will then apply for the relevant exploration and operating licences and will work with local drilling companies to carry out the exploration activities, said CEO of Stuck Worldwide Exploration, Dietmar Stuck.
According to Stuck, each local investor should be prepared to invest at least US$9 million (about N$117 million) for each project. This investment, he said, will be used for the exploration, licence fees, drilling and the flow system.
“We think the Namibian economy is ready and we want as much local involvement as possible. We are looking for local companies, local attorneys and local employees,” said Stuck.
The firm, which originated from the Austrian company, S&K Brunnenbohr, was founded in 1999 and says it uses state-of-the-art technology that can explore to a depth of 5,000 metres and boasts a success rate of 95 percent.
Stuck says the company uses technology that can detect disturbances in the Earth’s magnetic field and compared to conventional methods can offer a savings of up to 50 percent in terms of both cost and time.
“In the areas where Stuck Exploration has already undertaken preliminary tests we work on a success basis. On a success basis means that should the area where the preliminary tests are carried out not warrant any oil and natural gas resources, then for you our exploration services are free of charge. The customer does not run any risk by cooperating with Stuck Exploration,” Stuck explained.