Shell hits oil and gas in Namibia

Shell has made a significant oil and gas discovery at a closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, three industry sources told Reuters.
It unclear if the discoveries are big enough for Shell to go ahead with the development of the country's first deep water field, the sources said.
The Namibian government is planning to make an announcement next week on the details of the discovery at the Graff-1 well which Shell started drilling last month, according to two of the sources.
The well results have so far shown at least two reservoirs containing what one of the sources described as a significant amount of oil and gas.
According to a second source, the drilling results have shown one layer at least 60 metres deep of hydrocarbons, holding an estimated 250 to 300 million barrels of oil and gas equivalent.
Shell holds a 45% stake in the offshore Petroleum Exploration License 39 (PEL 39) with a 45% interest held by Qatar Petroleum and a 10% held by the National Petroleum Corporation of Namibia (Namcor).
A Shell spokesperson said: "We continue to safely execute Graff-1 operations."
The ministry of energy and mines said it was in the final leg of a process to collect quality data for the Graff-1 well, enabling a "thorough assessment of the prospect potential".
"As soon as all the data have been analysed, the ministry will issue a full results announcement," a statement said. - Reuters