NAMCOR Signs MoU with PetroSA

The National Petroleum Corporation (NAMCOR) signed a Memorandum of
Understanding with The Petroleum Oil and Gas Corporation of South Africa (PetroSA).
The purpose of the MOU is to develop and cooperate on suitable business
opportunities regarding both the Upstream and Downstream sectors. Both parties
have agreed to cooperate in various initiatives, assessing and identifying various
synergies in production sharing. These would include purchasing and marketing crude
oil and refined products to be supplied within Southern Africa and the SADC region.

Regarding business opportunities, the MOU paves the way for both parties to enter
into working groups to promote skills development and knowledge transfer between
the entities to ensure the optimisation of human capital capacity for future oil and gas
endeavours as Namibia prepares itself for its first oil extraction.

PetroSA is a wholly state-owned company of the Government of South Africa and is
registered as a commercial entity under South African law.

“Being identical National Oil Companies in two neighbouring countries, the
opportunity was clear and will be mutually beneficial for both parties. As we prepare
to maximise our capability and capacity to handle these new discoveries, this
symbiotic relationship will assist us in ensuring we meet our goals.” stated the
Managing Director of NAMCOR – Immanuel Mulunga.