Global Petroleum Ltd Namibian Licences Update (3418H)
December 03 2020 - 1:00AM
UK Regulatory
TIDMGBP
RNS Number : 3418H
Global Petroleum Ltd
03 December 2020
3 December 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Global Petroleum Limited
("Global" or "the Company")
Namibian Licences Update
Global Petroleum Limited (AIM: GBP) is pleased to announce the
following update:
Regarding its licence PEL0094 (Block 2011A), the Company
recently purchased historic 2D seismic data in order to improve
interpretation of its Marula prospect in the western part of Block
2011A. Separately, Global has also acquired 2D seismic data over
the relatively underexplored eastern part of the block and the
Company expects the interpretation of this data significantly to
enhance the prospectivity already identified in this area.
Interpretation of both sets of data is underway, following which
the Company will update its previous Prospective Resources estimate
for PEL0094, published on 20 July 2020. Preparations are also
underway for a farmout process which will be launched once the
seismic interpretation is complete.
With respect to the Company's other Namibian licence, PEL0029
(Blocks 1910B and 2010A), the licence expired under its terms on 3
December 2020, further extensions not being permitted under
Namibian petroleum exploration law. The Company has completed its
outstanding licence work programme commitments under budget. It is
the Company's current intention to apply for a new licence in due
course.
For further information please contact:
+44 (0) 20 3875
Global Petroleum Limited 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Sole Broker) 2500
Hugh Rich / Nick Lovering / Ailsa MacMaster
Nominated Adviser: Nicholas Harland
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
FURTHER BACKGROUND
Location of PEL0094 and PEL0029
PEL0094 (Block 2011A, 5798 square kilometres) and relinquished
licence PEL0029 (Blocks 1910B and 201A, 5810 square kilometres at
time of relinquishment) are located offshore northern Namibia in
water depths ranging from 400 to 2,000 metres (Figure 1 below).
http://www.rns-pdf.londonstockexchange.com/rns/3418H_1-2020-12-2.pdf
PEL0094 Background
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 (RNS of 7(th) April 2020). Interpretation
of this data has confirmed two prospects, Welwitschia Deep and
Marula - both are within the 3D seismic survey area.
It is estimated that the two prospects contain a total of 881
million barrels of unrisked gross Prospective Resources (Best
Estimate), of which 687 million barrels is net to Global (RNS of
20(th) July 2020).
Global is the operator of PEL0094 and the participating
interests are:
78% Global Petroleum Namibia Limited (100% owned subsidiary
of Global Petroleum Limited)
17% National Petroleum Corporation of Namibia (Proprietary)
Limited ("NAMCOR", the Namibian State Oil Company)
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe",
a private Namibian company)
Namcor and Aloe are carried by Global.
PEL0029 Background
The Petroleum Agreement for PEL0029 was signed in December 2010
and in the intervening period Global has licensed approximately
7,000 kilometres of 2D seismic, gravity and magnetic data in order
to evaluate the prospectivity of the licence area. Parts of the
seismic database were reprocessed in 2011 and 2016, before 934
kilometres of long-offset 2D seismic was acquired by Global over
the Gemsbok prospect in 2017.
The significant prospects and leads identified were
independently evaluated by AGR TRACS International in its Competent
Persons Report, which estimated Gross Technical Prospective
Resources of 3,663 million barrels, of which 3,115 million barrels
was attributable to Global (RNS of 15(th) January 2018).
-ends-
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