Global Petroleum has published an update on the Company’s license PEL0094 (Block 2011A) and PEL0029 (Blocks 1910B and 2010A) in Namibia.
On the PEL0094 license, Global Petroleum recently purchased 2D seismic data to improve the interpretation of its Marula prospect in the western part of Block 2011A. The Company announced it has also acquired 2D seismic data over the underexplored eastern part of the block and it hopes that the interpretation is to enhance the already identified prospectively identified in the area.
Interpretation of both sets of data is in progress, afterwards, the Company will update its previous Prospective Resources for PEL0094. A farmout process will also be launched once the seismic interpretation is complete.
On the PEL0094, Global Petroleum relinquished license PEL0029 (Blocks 1910B and 201A, 5810 square kilometres at time of relinquishment), expired on 3rd December 2020, and further license exploration is not allowed under the Namibian Petroleum Exploration Law. The Company has completed its outstanding license work programme commitments and it intends to apply for a new license soon.
Both licenses are located offshore northern Namibia in water depths ranging from 400 to 2,000 metres.
The Petroleum Agreement for PEL0094 was signed in September 2018 and since then Global has licensed historic 2D seismic data over the licence, as well as a 2010 vintage 3D seismic data survey from state oil company, NAMCOR
The Petroleum Agreement for PEL0029 was signed in December 2010 and in the intervening period Global has licensed approximately 7,000 kms of 2D seismic, gravity and magnetic data to evaluate the prospectivity of the licence area. Parts of the seismic database were processed in 2011 and 2016, before 934 kms of long-offset 2D seismic was acquired by Global over the Gemsbok prospect in 2017
Global is the operator of PEL0094 and the participating interests are: Global Petroleum Namibia (100% owned subsidiary of Global Petroleum) 78%; National Petroleum Corporation of Namibia (‘NAMCOR’, the Namibian State Oil Company) 17%; Aloe Investments Two Hundred and Two (a private Namibian company) 5%.
