要点：
签署期权协议，获得纳米比亚近海 2312 区块 70% 的工作权益 — 对价仅在授予时支付
— 纳米比亚近海已成为全球石油勘探热点，迄今为止，在最近的引人注目的发现中已发现超过 110 亿桶石油1 —
活跃于该地区的全球超级巨头包括壳牌、雪佛龙、道达尔能源和 GALP — 计划于 2025 年钻探七口海上油井2
— 2312 区块位于雪佛龙运营的 PEL 82（2025 年 2 月授予）以南，横跨约 16,800 平方公里，水深为 1,400 米至 2,000 米 — 在现代钻井船的能力范围内
— 该区块包括 6,100 平方公里的 3D 地震和 4,700 条线公里的 2D 地震
” 2312 区块的前运营商报告的平均预期资源量为 11 亿桶石油#
” Havoc Services 由石油和天然气资深人士 Alan Stein 博士领导，担任技术顾问” 业绩记录包括发现超过 20 亿桶石油当量和筹集超过 10 亿美元的资金”
Havoc 的子公司 Harmattan Energy 之前运营纳米比亚的 PEL 90，该油田于 2022 年出售给雪佛龙

战略进入纳米比亚近海
Grand Gulf Energy Limited（“Grand Gulf”或“公司”）很高兴地宣布，它已签订具有约束力的期权协议（“协议”），为 Grand Gulf 提供收购 Wrangel Pty Ltd（“Wrangel”）100% 股份的独家选择权。

弗兰格尔正在申请纳米比亚近海鲸湾盆地2312区块石油勘探许可证（PEL）70%的工作权益（WI）（图1）。该申请与纳米比亚石油天然气公司TSE Oil and Gas (Pty) Ltd（TSE）（20% WI）以及纳米比亚国有企业纳米比亚国家石油公司（NAMCOR）（10% WI）合作。

根据协议条款，只有在成功授予PEL（石油勘探许可）后才需支付对价，这为大湾公司提供了低成本进入全球最具前景的前沿盆地之一的机会。

纳米比亚近海近期发现了一系列重大油田，迄今已发现超过110亿桶石油，壳牌、雪佛龙、道达尔能源公司和GALP等全球石油天然气巨头均在该地区开展业务，其中7口油井计划于2025年开钻。

壳牌于2022年在纳米比亚近海钻探了具有开创性的Graff-1油井，使纳米比亚跃居全球石油勘探的前沿。在

Graff油井发现后不久，道达尔能源公司报告了其Venus-1油井发现了更大的数十亿桶石油，GALP随后于2023年发现了Mopane-1X油井和凝析油。所有这些发现目前都已完成评估和测试。

自动生成的描述
到 2025 年初，在钻探 17 口勘探井和 6 口评价井后，自 2022 年以来，Orange Basin 的总体成功率将超过 80%3 。Grand

Gulf 进入 2312 区块，为这一新兴石油区提供了实质性的机会。2312

区块——纳米比亚近海
2016 年，之前的运营商 AIM 上市的 Chariot Limited 完成了覆盖约 2,600 平方公里的 3D 地震勘测，目标是从 2015 年获取的约 1,700 公里的 2D 地震数据中确定的线索。

这个现代数据集与 3,500 平方公里的传统 3D 地震数据一起进行了处理，使用了根据附近 Wingat-1 和 Murombe-1 井校准的深度偏移和反演技术。

整合的 6,100 平方公里三维地震数据集使 Chariot 能够绘制多个倾角闭合的构造远景区，目标是上白垩统深水浊积岩储层——与 Murombe-1 井遇到的优质储层段相同。这些远景区被解释为从阿普第阶海相烃源岩中获得了油气充注，这些烃源岩在 Wingat-1 和 Murombe-1 井中均被证实为优质烃源岩。HRT

Participañ玫es em Petróleo SA 于 2013 年钻探的 Wingat-1 井发现了两层发育良好的烃源岩（在生油窗口内富含有机碳）和几个饱和油的薄层砂岩储层（见图 1）。油样表明存在轻质油（API 为 38 至 42），污染极小。钻探段未发现含水层。

荷兰塞维尔联合公司（NSAI）——全球公认的石油资源评估权威机构——进行的独立审计，对Chariot Limited4公司截至2017年6月5日这些油田的预期总资源量进行了估算。2312

区块面积为16,800平方公里，水深从1,400米到2,000米不等，位于Murombe-1井和Wingat-1井的南侧，这两个井对于确定纳米比亚近海的勘探前景至关重要。该区块北侧共计有约6,100平方公里的三维地震数据和4,700线公里的二维地震数据，平均线间距为8-10公里。

2312 区块唯一一口井对 Prospect S 进行了测试，发现了具有清晰地震特征的优质储层（图 3）。该井于 2018 年钻探，仅花费 1600 万美元，位于成熟的阿普第阶烃源岩区域的边缘，但主要的碳氢化合物运移方向已确定为东北向（成熟度可能会提高），这表明在 Prospect S 中不存在从烃源岩到储层的运移通道。

从 Prospect S 井收集的数据已显著升级了向东北方向的勘探目标，例如 Prospect B，以及可以进入外侧油库的目标，例如 Prospect W 和 V。Grand

Gulf 对所有可用数据进行了全面的技术审查，证实了 2312 区块的勘探前景。未来的技术工作将包括有重点地重新评估 Prospect S 储层和附近特征的地震特征，旨在评估地震属性可靠地预测区块最有前景目标中碳氢化合物存在的能力。

任命 Havoc Services 为技术顾问
Grand Gulf 已任命 Havoc Partners LLP 的子公司 Havoc Services Pty Ltd (Havoc) 为其公司和技术顾问，协助评估 2312 区块的机会。Havoc 还将支持公司在全球范围内识别和评估其他前沿盆地机会。Havoc

成立于 2014 年，是一家自然资源投资集团，由一支经验丰富的地质学家团队创立，这些地质学家已共事二十多年，拥有总计 100 多年的国际上游经验。Havoc 团队通过在 Fusion Oil & Gas plc、Ophir Energy plc 和 Harmattan Energy Limited 等企业中担任领导角色，在发现超过 20 亿桶油当量 (boe) 和筹集超过 10 亿美元的投资资本方面发挥了重要作用。

最近，Havoc 的全资子公司 Harmattan Energy 是纳米比亚橙色盆地 PEL 90 的运营商，该盆地毗邻壳牌和道达尔能源公司近期发现的世界级油田。Harmattan 于 2022 年底成功出售给雪佛龙。

协助 2312 区块评估的 Havoc 团队驻珀斯，成员包括 Alan Stein 博士、Richard Higgins 博士和 Mark Sofield 先生。Stein 博士将领导 Havoc 团队，并担任大海湾公司董事会的高级顾问。Stein 博士拥有超过 30 年的国际油气经验，拥有丰富的技术和企业专业知识。Stein 博士

是地球科学咨询公司 IKODA Limited 的创始合伙人，并曾担任 Fusion Oil & Gas plc 和 Ophir Energy plc 的创始董事总经理。 Fusion于2000年在伦敦另类投资市场（AIM）上市，在2003年出售之前，在毛里塔尼亚近海发现了多个油气田。2004年，斯坦博士与他人共同创立了Ophir Energy plc，该公司后来于2011年在伦敦证券交易所上市，估值超过10亿英镑，成为当时伦敦证券交易所历史上规模最大的勘探与生产（E&P）IPO。在斯坦博士的领导下，Ophir在赤道几内亚和坦桑尼亚发现了重要的近海天然气田，天然气储量总计超过18万亿立方英尺（Tcf）。Ophir

勘探的成功得益于西非勘探经理马克·索菲尔德先生和东非勘探经理理查德·希金斯博士的努力。

作为技术顾问，Havoc 将协调和指导地球科学活动，支持公司内部技术团队，为拟议的勘探工作计划提供意见，并协助准备营销和投资者材料，以帮助推进公司的战略增长和融资计划。

交易条款
Grand Gulf 已签署期权协议，收购 Wrangel 100% 的股份。Wrangel 是纳米比亚近海鲸湾盆地 2312 区块石油勘探许可证 (PEL) 70% 工作权益 (WI) 的申请人，合作伙伴包括纳米比亚石油和天然气公司 TSE Oil and Gas (Pty) Ltd（20% WI）（TSE）和国有纳米比亚国家石油公司 (NAMCOR)（10% WI）。

弗兰格尔已与 TSE 签署了具有约束力的条款清单，该清单授予弗兰格尔 70% 的 PEL 权益（但须成功授予 PEL），方式为支付约定的费用并偿还某些过去成本（项目选项）。

纳米比亚矿业和能源部 (MME) 已确认收到并注册了 Wrangel 的 PEL 申请。Grand Gulf 指出，Wrangel 的 PEL 申请尚未评估，并且不保证申请会成功。Grand

Gulf 收购 Wrangel 的选择权
期权协议的重要条款如下：
期权：GGE 拥有收购 Wrangel 100% 股权的独家选择权（Wrangel 选择权）。Wrangel 选择权的行使取决于成功授予 2312 区块的 PEL，并将于以下较早时间到期：
o 成功授予 2312 区块的 PEL 后 30 天； o
2026 年 4 月 11 日。
” Wrangel 期权费：公司已同意以期权费的方式支付以下费用以授予 Wrangel 期权：
o Wrangel 向 TSE 偿还 115,000 美元的项目期权期权费（已支付）；以及
o 以现金或 GGE 股份（由 GGE 选择）向 TSE（或其提名人）* 支付 100,000 美元。
” 在行使 Wrangel 期权时，公司将拥有 Wrangel 100% 的股份，并且如果 GGE 选择让 Wrangel 行使项目期权，公司将需要为行使项目期权提供资金。
” Wrangel 行使价：在行使 Wrangel 期权时，公司将向 Wrangel 股东支付以下对价：
o 150,000 澳元现金；以及
2.5 亿股 GGE 股份**。

Wrangel 选择权协议包含其他被视为惯例的条款和条件，包括陈述和保证。

行使项目选择权后，将直接向纳米比亚政府机构支付约 17.5 万美元的许可费（包括联邦政府的石油培训和教育基金 (PETROFUND)）。

此外，在行使项目选择权后，若双方达成协议，TSE 将获得每月 7,500 美元的月费，此外，对于任何月份超过 5 天的工作，每日将额外支付 1,000 美元的日费（需事先获得大海湾董事会的批准）。

咨询协议的初始期限为 12 个月，之后可选择经双方同意延长。协议将包含违约情况下非违约方的通常终止权。在最初的 12 个月期限之后，任何一方都有权在提前一个月通知的情况下无故终止合同。

融资
Grand Gulf 已获得坚定承诺，将通过向专业且经验丰富的投资者配售 3.5 亿股 Grand Gulf 全额支付普通股（配售股份）筹集 70 万澳元，发行价为每股 0.002 澳元（配售股份）。

此次配售得到了众多现有投资者的大力支持。

配售所得资金将主要用于 2312 区块的进一步评估、公司红氦项目的推进、业务发展和一般营运资金。

配售股份的发行无需股东批准，并将利用公司根据澳大利亚证券交易所上市规则 7.1A（245,038,715 股配售股份）和 7.1（104,961,285 股配售股份）的可用配售能力进行。0.002 澳元的发行价高于 15 天成交量加权平均价格 (VWAP) 0.00186 澳元。

本 ASX 公告已获得 Grand Gulf Energy Ltd. 董事会授权发布。

Highlights:
• Option Agreement executed to take a 70% working interest in Block 2312 offshore Namibia – consideration payable only upon grant
• Offshore Namibia has emerged as a global oil exploration hotspot, with over 11 billion barrels discovered to date in recent high-profile discoveries1
• Global super-majors active in the region include Shell, Chevron, TotalEnergies, and GALP — seven offshore wells scheduled for drilling in 20252
• Block 2312 is south of Chevron-operated PEL 82 (awarded Feb 2025) and spans approx 16,800km² in water depths of 1,400m to 2,000m – well within the capability of modern drill-ships
• The block includes 6,100km² of 3D seismic and 4,700 line km of 2D seismic
• The previous operator of Block 2312 reported a mean prospective resource of 1.1 billion barrels of oil#
• Havoc Services, led by oil and gas veteran Dr Alan Stein, engaged as technical advisor — track record includes discovering over 2 billion barrels of oil equivalent and more than US$1 billion in capital raised
• Havoc’s subsidiary, Harmattan Energy, previously operated Namibia's PEL 90, which was sold to Chevron in 2022

Strategic Entry into Offshore Namibia
Grand Gulf Energy Limited (Grand Gulf or the Company) is pleased to announce that it has entered into a binding Option Agreement (Agreement), providing Grand Gulf with an exclusive option to acquire 100% of Wrangel Pty Ltd (Wrangel).

Wrangel is an applicant for a 70% working interest (WI) in a Petroleum Exploration Licence (PEL) over Block 2312 in the Walvis Basin, offshore Namibia (Figure 1). The application is in partnership with Namibian-based oil and gas company TSE Oil and Gas (Pty) Ltd (TSE) (20% WI) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10% WI).

Under the terms of the agreement, consideration is only payable upon the successful granting of the PEL, offering Grand Gulf a low-cost entry into one of the world’s most prospective frontier basins.

Offshore Namibia has seen a series of recent significant oil discoveries resulting in over 11 billion barrels of oil discovered to date with global oil and gas super-majors such as Shell, Chevron, TotalEnergies and GALP all active in the area, with 7 wells scheduled to be drilled in calendar 2025.

The groundbreaking Graff-1 oil well drilled offshore Namibia by Shell in 2022 catapulted Namibia to the forefront of global oil exploration.

Shortly after the Graff discovery, TotalEnergies reported an even larger multi-billion barrel discovery with their Venus-1 well and GALP followed in 2023 with the Mopane-1X oil and condensate discovery. All these discoveries have now been appraised and tested.

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By early 2025, after drilling 17 exploration wells and 6 appraisal wells, the overall success rate in the Orange Basin since 2022, is greater than 80%3 .

Grand Gulf’s entry into Block 2312 offers material exposure to this emerging petroleum province.

Block 2312 – Offshore Namibia
In 2016, previous operator AIM-listed Chariot Limited, completed a 3D seismic survey covering approx 2,600km², targeting leads identified from approximately 1,700km of 2D seismic data acquired in 2015.

This modern dataset was processed alongside 3,500km² of legacy 3D seismic data, using depth migration and inversion techniques calibrated to the nearby Wingat-1 and Murombe-1 wells.

The integrated 6,100km² 3D seismic dataset enabled Chariot to map multiple dip-closed structural prospects, targeting Upper Cretaceous deepwater turbidite reservoirs — the same high-quality reservoir intervals encountered in the Murombe-1 well. These prospects are interpreted to have received hydrocarbon charge from Aptian-aged marine source rocks, which have been confirmed as excellent quality in both Wingat-1 and Murombe-1.

Wingat-1, drilled by HRT Participações em Petróleo S.A. in 2013, identified two well-developed source rocks (rich in organic carbon within the oil-generating window) and several thin-bedded-sandy reservoirs saturated with oil (see Figure 1). Oil samples indicated the presence of light oil (38 to 42 API), with minimal contamination. No water-bearing zones were identified in the drilled section.

An independent audit by Netherland Sewell and Associates Inc. (NSAI) — a globally recognised authority in petroleum resource evaluation — estimated the gross mean prospective resources associated with these prospects, as of 5 June 2017, for Chariot Limited4 .

Block 2312 covers an area of 16,800km2 in water depths ranging from 1,400m to 2,000m and lies to the south of the Murombe-1 and Wingat-1 wells, which were instrumental in establishing the prospectivity of offshore Namibia. There is a total of approximately 6,100 km2 of 3D seismic in the north of the block and 4,700 line kilometres of 2D seismic with an average line spacing of 8-10km.

The only well drilled in Block 2312 tested Prospect S, encountering high-quality reservoirs with clear seismic signatures (Figure 3). The well, drilled in 2018 at a cost of only US$16 million, is located on the edge of an area of mature Aptian source rocks, however the dominant hydrocarbon migration direction has been established as northeasterly (where maturity will likely improve) suggesting the absence of a migration pathway from the source rock to the reservoir at Prospect S.

Data collected from the Prospect S well has significantly upgraded exploration targets to the northeast, such as Prospect B, along with targets which have access to the outboard oil kitchen such as Prospects W and V.

Grand Gulf has undertaken a comprehensive technical review of all available data which has confirmed the prospectivity of Block 2312. Technical work going forward will include a focused re-evaluation of the seismic characteristics of the Prospect S reservoir and nearby features, aimed at assessing the ability of seismic attributes to reliably predict hydrocarbon presence across the block’s most prospective targets.

Appointment of Havoc Services as Technical Advisors
Grand Gulf has appointed Havoc Services Pty Ltd (Havoc), a subsidiary of Havoc Partners LLP, as its corporate and technical advisor to assist in the assessment of the Block 2312 opportunity. Havoc will also support the Company in the identification and evaluation of additional frontier basin opportunities globally.

Founded in 2014, Havoc is a natural resources investment group established by a team of highly experienced geoscientists who have worked together for over two decades and bring a collective 100+ years of international upstream experience. The Havoc team has been instrumental in discovering over 2 billion barrels of oil equivalent (boe) and raising more than US$1 billion in investment capital through leadership roles in ventures such as Fusion Oil & Gas plc, Ophir Energy plc, and Harmattan Energy Limited.

Most recently, Havoc’s wholly owned subsidiary Harmattan Energy was the operator of PEL 90 in Namibia’s Orange Basin, located adjacent to recent world-class discoveries by Shell and TotalEnergies. Harmattan was successfully sold to Chevron in late 2022.

The Perth-based Havoc team assisting with the Block 2312 evaluation includes Dr Alan Stein, Dr Richard Higgins, and Mr Mark Sofield. Dr Stein will lead the Havoc team and serve as Senior Advisor to the Grand Gulf Board. With over 30 years of international oil and gas experience, Dr Stein brings extensive technical and corporate expertise.

Dr Stein was a founding partner of the geoscience consultancy IKODA Limited and served as the founding Managing Director of Fusion Oil & Gas plc and Ophir Energy plc. Fusion, listed on the AIM in 2000, made multiple discoveries offshore Mauritania before its sale in 2003. In 2004, Dr Stein cofounded Ophir Energy plc, which was later listed on the London Stock Exchange in 2011 with a valuation exceeding £1 billion, marking the largest E&P IPO in LSE history at the time. Under Dr Stein’s leadership, Ophir made significant offshore gas discoveries in Equatorial Guinea and Tanzania, totalling more than 18 trillion cubic feet (Tcf) of natural gas.

Ophir’s exploration success was underpinned by the work of Mr Mark Sofield, Exploration Manager – West Africa, and Dr Richard Higgins, Exploration Manager – East Africa.

As technical advisors, Havoc will coordinate and guide geoscientific activities, support the Company’s internal technical team, provide input into proposed exploration work programs, and assist in preparing marketing and investor materials to help advance the Company’s strategic growth and funding initiatives.

Transaction Terms
Grand Gulf has entered into an Option Agreement to acquire 100% of Wrangel. Wrangel is an applicant for a 70% working interest (WI) in a Petroleum Exploration Licence (PEL) over Block 2312 in the Walvis Basin, offshore Namibia in partnership with Namibian-based oil and gas company TSE Oil and Gas (Pty) Ltd (20% WI) (TSE) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10% WI).

Wrangel has executed a binding Term Sheet with TSE, which grants Wrangel a 70% interest in the PEL — subject to the successful grant of the PEL — through the payment of agreed fees and reimbursement of certain past costs (the Project Option).

The Namibian Ministry of Mines and Energy (MME) has confirmed the receipt and registration of the Wrangel PEL application. Grand Gulf notes that the Wrangel PEL application is yet to be evaluated and there is no guarantee that the application will be successful.

Grand Gulf Option to Acquire Wrangel
The material terms of the Option Agreement are set out below:
• Option: GGE has an exclusive option to acquire 100% of Wrangel (Wrangel Option). Exercise of the Wrangel Option is conditional on the successful award of a PEL on Block 2312 and will expire on the earlier of:
o 30 days after the successful award of a PEL on Block 2312; and
o 11 April 2026.
• Wrangel Option Fee: The Company has agreed to pay the following by way of an option fee for the grant of the Wrangel Option:
o reimbursement of an option fee of US$115,000 to TSE by Wrangel for the Project Option (paid); and
o US$100,000 in cash or GGE shares (at GGE’s election) to TSE (or its nominee)*.
• On exercise of the Wrangel Option, the Company will own 100% of Wrangel and will be required to fund the exercise of the Project Option, should GGE elect for Wrangel to exercise the Project Option.
• Wrangel Exercise Price: On exercise of the Wrangel Option, the Company will pay the following consideration to Wrangel shareholders:
o A$150,000 in cash; and
o 250,000,000 GGE shares**.

The Wrangel Option agreement otherwise contains terms and conditions which are considered customary, including representations and warranties.

Upon exercise of the Project Option, approximately US$175,000 will be payable directly to Namibian government agencies for Licence Fees (including the federal government’s Petroleum Training and Education Fund (PETROFUND)).

Also, following exercise of the Project Option, subject to entry into a consulting agreement on terms acceptable to the parties, TSE will be paid a monthly retainer of US$7,500 per month, with a further day rate of US$1,000 per day for any work done above 5 days in any given month (with prior approval from the Grand Gulf Board).

The initial term for the consultancy agreement will be 12 months, with an option to extend by mutual consent thereafter. The agreement will contain usual termination rights for the non-defaulting party in the event of a breach. After the initial 12 month term, either party will have the right to terminate without cause on one months’ notice.

Capital Raising
Grand Gulf has received firm commitments to raise $700,000 through a placement of 350 million fully paid ordinary shares in Grand Gulf (Placement Shares) to professional and sophisticated investors at an issue price of $0.002 per Placement Share (Placement).

The Placement was well supported by a number of existing investors.

Funds raised from the Placement will be utilised primarily to fund further evaluation of Block 2312 as well as the progression of the Company’s Red Helium Project, business development and general working capital.

The issue of the Placement Shares will not be subject to shareholder approval and will be made utilising the Company’s available placement capacity under ASX Listing Rule 7.1A (245,038,715 Placement Shares) and 7.1 (104,961,285 Placement Shares). The issue price of $0.002 is above the 15 day VWAP of $0.00186.

This ASX announcement has been authorised for release by the Board of Grand Gulf Energy Ltd.