Global Petroleum has announced that the Namibian Ministry of Mines and Energy has agreed to Global’s petition to extend its licence PEL0094 (Block 2011A) offshore Namibia for another year, from September 2021 to September 2022.

The 4-year Initial Exploration Period (‘IEP’) was split into two sub-periods of two years each under the terms of the Petroleum Agreement for PEL0094 signed in September 2018, with the first sub-period ending in September 2020 and the second sub-period ending in September 2021 with a reduced work programme.

Global also plans to request for a one-year extension to the four-year IEP when the time comes – such extensions are routine with the Ministry, as seen by the Company’s previous Licence PEL0029.

The work commitment for the next phase of the licence is to capture and process 2,000 square kilometres of 3D seismic data, which Global plans to fulfil through a farm-out. This data will improve the Marula prospect’s chances of success and corroborate the license’s probable resources.

Global Petroleum’s CEO, Peter Hill, had this to say: “We would like to thank the Ministry of Mines and Energy and are delighted to move into the next licence phase on PEL0094, and to progressing work on what we believe is a highly prospective licence. The next few months are clearly the most exciting period in several years for petroleum exploration offshore Namibia, notably with Total’s upcoming Venus well, followed by the Shell well in PEL 0039.”