Global Petroleum Ltd Namibian Licence PEL0094 Update (9185I)
December 17 2020 - 01:00AM
UK Regulatory
TIDMGBP
RNS Number : 9185I
Global Petroleum Ltd
17 December 2020
17 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 Licence PEL0094 Update
Global Petroleum Limited (AIM: GBP) is pleased to announce the
following update.
Further to its announcement of 3 December, the Company is
pleased to report that the interpretation of the seismic data
recently acquired, notably the 2D seismic data over the relatively
under-explored eastern part of PEL0094 (Block 2011A), is
progressing well. The Company expects the interpretation of this
data to enhance significantly the prospectivity already identified
in this area. Given the progress made, the Company expects to be
able to publish an updated Prospective Resources estimate for
PEL0094 in the latter part of January 2021.
The Company is also pleased to confirm that the farm out process
for PEL0094 has now commenced. Global is currently contacting
potentially interested companies and the data rooms will open in
January 2021.
Further updates will be provided 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
PEL0094 (Block 2011A, 5798 square kilometres) and recently
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/9185I_1-2020-12-16.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 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
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.
-ends-
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