Global Petroleum Provides Namibian License Update in H1 2020 Results

Earlier in April, an agreement was reached with the national oil company of Namibia, the National Petroleum Corporation of Namibia (NAMCOR,) to license the pre-existing 3D seismic data for PEL 0094.
Publish Date
29th October 2020
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2 minutes

Global Petroleum has provided an update on its Namibian and Italian activities in H1 2020.

OPERATIONS IN NAMIBIA

– The report focuses on the interpretation of the existing seismic data over its PEL 0094 Namibian license, resulting in an initial prospective resource estimate being calculated and released; the result of the expected resource calculation is detailed in the Company’s announcement in November 2019.

– Earlier in April, an agreement was reached with the national oil company of Namibia, the National Petroleum Corporation of Namibia (NAMCOR), to license the pre-existing 3D seismic data for PEL 0094. The important data acquired by previous licenses 10-years ago covers the Company’s Marula and Welwitschia Deep prospects and has allowed for more precise mapping of these features.

– In exercising its right to license this data, the company transferred a 7% participating interest in PEL 0094 to NAMCOR.

– Following Global’s Interpretation of the data, in July 2020, it announced an updated estimate of prospective resources for PEL 0094, which amounted to 687 MMbbl un-risked best estimate expected resources net to Global, with increased confidence in the two prospects.

– The Company also announced the extension of PEL 0094 by one year until September 2021, along with a modified work program.

– The company intends to seek a farm-in partner for exploration drilling on PEL 0094 and to progress the work program over the PEL 0029 area.

OPERATIONS IN ITALY

– The Company’s application for offshore permits which saw several appeals against the Environmental Decrees were adjudicated in favour of the company.

– The exploration moratorium imposed by the Italian Parliament in February 2019 for 18 months was extended to February 2021.

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