Jim's Oil Letter, November 23 2025

Last Call: Own your share of this essential military minerals company*

• Tungsten mine and fully built mill in a proactive and stable mining jurisdiction

• Phase 1 production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years

• Publicly listed tungsten peer near this company’s mine at a C$1.9 billion valuation with a 2,300 tonnes/year target

• Company has raised C$8 million, with a post-money, pre-IPO valuation of just C$48 million and has upsized this same round by another C$2 million

• Listing in Canada or London with a target date of Q1 2026

• Offering closing date: November 28, 2025

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* Tungsten is essential war material and in short supply in the West, critical since it has exceptional density and the highest melting point of all known elements

Stamper Oil & Gas Corp. (TSX-V: STMP; OTC: STMGF; FSE: TMP0) is advancing a portfolio of offshore exploration interests in Namibia, a jurisdiction that has rapidly become one of the most technically compelling and capital-attracting petroleum frontiers globally. Through its acquisition of BISP Exploration Inc., Stamper is assembling exposure across five offshore Petroleum Exploration Licences (PELs) in the Orange, Walvis, and Luderitz Basins, areas now regarded as among the most prospective deepwater hydrocarbon domains.

With supermajors committing billions to exploration across adjacent blocks and an industry-leading discovery success rate to date, Stamper provides early-stage leverage to a burgeoning basin with multi-billion-barrel potential. The company’s carried-interest structure across several licences further enhances risk-adjusted upside while limiting direct capital exposure.

Over the past three years, Namibia has recorded one of the strongest offshore discovery cycles globally. Since 2022, 14 of 16 exploration wells drilled by supermajors have resulted in commercial or near-commercial hydrocarbon discoveries, including TotalEnergies’ Venus and Shell’s Graff discoveries in the Orange Basin. Key basin drivers include: excellent deepwater petroleum system development, with multiple stacked reservoir targets; strong trap integrity, evidenced by repeated discovery success; expanding supermajor footprint (TotalEnergies, Shell, Chevron, Exxon, Galp, BW Energy, and others); and growing infrastructure horizon, including potential FPSO developments and future tie-backs. This momentum is transforming Namibia from a frontier basin into a pre-FID, pre-development oil province with global relevance.

The acquisition of BISP Exploration provides Stamper with interests across three key basins, each at varying stages of technical maturity and partner-driven activity.

Orange Basin - PEL 107 (Block 2712A)

• 32.9% working interest

• Located in the basin currently delivering Namibia’s largest discoveries

• Neighbouring blocks include those held by TotalEnergies, Galp, Rhino Resources, and Shell

• Farm-down processes expected to intensify as nearby well results continue to de-risk structural trends

The Orange Basin represents the largest source of unrisked value in Stamper’s portfolio due to proximity to producing petroleum systems and superior reservoir fairways.

Walvis Basin - PEL 98 & PEL 106

• 5% carried interests

• Operators include Lamda Energy (PEL 98) and Oranto Petroleum (PEL 106)

• Active seismic programs underway, with additional 2D/3D acquisition planned

• Adjacent acreage held by Chevron, which is expected to drill high-impact wells between 2026 and 2027

The Walvis Basin is at an earlier exploration stage but is attracting increased supermajor attention due to improving subsurface imaging and analogues from the Orange Basin.

Luderitz Basin - PEL 102

• 20% carried interest

• Adjacent to BW Energy’s Kudu gas field, now undergoing renewed appraisal drilling

• Regional well results (including Rhino’s Volans-1X) provide valuable structural and stratigraphic calibration

The Luderitz Basin holds both oil and gas potential, with increasing support for multi-TCF gas development pathways.

Stamper’s portfolio design emphasizes high working interest where geological confidence is strongest (Orange Basin), plus carried positions where major or large-cap partners are funding exploration (Walvis & Luderitz). This structure allows Stamper to maintain meaningful exposure to basin-opening wells without shouldering proportionate capital intensity. For early-stage exploration investors, this “optionality-centric” model provides asymmetric upside.

Stamper has drawn comparisons with Sintana Energy (TSX-V: SEI; OTC: SEUSF; FSE: 3ZX1), which saw significant valuation expansion after discoveries by Shell and Total de-risked its adjacent acreage. Sintana’s market capitalization rose from approximately $27M pre-discovery to over $200M at peak basin enthusiasm. Stamper currently trades at a materially lower valuation (~$10M USD equivalent), despite broader basin maturity and a more diversified acreage footprint. While exploratory risk remains high, the comparative framework is relevant for assessing potential upside re-rating scenarios.

Using probability-weighted modeling incorporating conservative in-ground valuations of US$2–3 per barrel, geological chance of success ranges of 10–20% depending on basin, working interest adjustments, and typical frontier development economics, Stamper’s estimated values include an unrisked NAV of ~US$1.5 billion and a risked NAV of ~US$255 million. At a current market valuation of ~US$10 million, this suggests a 15–25x probability-weighted upside, with significantly higher re-rating potential in multi-success scenarios.

Scenario outcomes:

• Bear Case (no discoveries): ~US$5M value floor

• Base Case (one Orange Basin success): ~US$197M

• Bull Case (multiple basin successes): ~US$400M

• Super-Bull Case (SEI-type re-rating): ~US$1B

These are indicative and non-deterministic, but they demonstrate the potential magnitude of upside in successful frontier plays. Catalysts are primarily partner-driven and geologically linked:

2025

• Results from Rhino’s Volans-1X exploration well

• BW Energy’s Kudu gas appraisal

• New seismic acquisition on PEL 106 (Walvis Basin)

• Farm-down processes progressing on PEL 107 (Orange Basin)

2026–2027

• Chevron’s first Walvis Basin exploration wells

• TotalEnergies’ potential Venus project FID

• Additional multi-operator drilling across Namibia’s offshore basins

• Potential farm-out transactions or joint ventures on Stamper-held acreage

These catalysts represent the core value drivers for basin re-rating and asset de-risking.

As with all early-stage offshore exploration plays, key risks include: geological risk (deepwater exploration remains inherently high-risk); financing requirements (continued access to capital markets is critical); dependence on operator timelines; regulatory and licensing contingencies; and commodity price exposure. However, carried-interest structures mitigate some capital burden, and multi-basin exposure helps diversify geological risk.

In conclusion, Stamper Oil & Gas presents a structured, high-leverage opportunity in one of the world’s most compelling emerging offshore petroleum systems. The company’s diversified Namibian exposure, carried-interest design, and proximity to supermajor-driven catalysts position it well to benefit from continued basin maturation.

While risk-adjusted and probability-weighted valuations inherently reflect frontier uncertainty, Stamper’s current market capitalization does not fully capture the prospective value embedded in its multi-basin portfolio. For professional investors seeking asymmetric upstream exposure with defined catalyst horizons, Stamper represents a credible and compelling early-stage entry point into the ongoing Namibian offshore exploration cycle.

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity. Advertisement

Latest drill result: 145.4 g/t Au* with visible gold - don't miss this

• 29,000 hectares (71,000+ acres) in proven gold country

• 10,000 metre drill program ongoing - first 4 holes all intersecting gold

• 4.5-kilometre trend which keeps expanding in all directions

• Potential multi-million ounce deposit

Few know about this company yet

_{*1 gram per tonne gold is broadly regarded as being commercial}