Bundu Gas & Oil Exploration (Pty) Ltd
Bundu Gas & Oil Exploration (Pty) Ltd is subsidiary of Challenger Energy Limited, which is owned 90% by Challenger and 10% by Challenger’s Black Economic Empowerment Partners. Challenger has been fortunate to identify two exceptionally well regarded and connected partners Mr Donald Ncube and Mr H Thompson to join in its activities in South Africa. These individuals not only allow Challenger to meet its obligations under the BEE act but will also provide strong support for its activities through their extensive experience and contacts.
Bundu holds 100% of exploration permits and applications covering approximately 3,200 square kilometres of highly prospective acreage in South Africa. This comprises the Thelma Project, an oil and gas exploration project located in the northeast edge of the northern Karroo Basin of South Africa and the Cranmere project located in the Eastern Cape Province, north of the port city of Port Elizabeth.
Bundu has lodged an application on the Cranemere Project, a significant shale gas prospect located in the Eastern Cape Province where drilling during 1968 produced a gas flow rate of up to 8 million cubic feet of gas per day during drill stem testing. After initial testing, the well was plugged and abandoned and no further exploration work has been carried out on the project area since that time. Cranemere covers approximately 346 square kilometres and geological interpretation indicates that it covers a strategically important portion of a very substantial shale gas basin where recent activity has seen Chesapeake, Statoil, Sasol and Falcon Oil & Gas making applications.
Bundu also holds oil and gas rights to the Thelma Project where an oil discovery was made during 1968. Historical engineering evaluations indicate recoverable reserves of 1.7 to 6 million barrels of oil from approximately 17 million barrels of oil in place. Subsequent reports from the Geological Survey of South Africa indicate that the structure could contain up to 25 million barrels of oil in place, with correspondingly higher recoverable reserves.
