TIDMGBP
RNS Number : 8225M
Global Petroleum Ltd
26 January 2021
26 January 2021
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")
Updated Prospective Resources estimate for Namibian Licence
PEL0094
Global Petroleum Limited (AIM: GBP) is pleased to announce its
updated estimate of Prospective Resources for PEL0094 (Block
2011A), offshore Namibia, following interpretation of the 2D
seismic data which the Company recently licensed. Global holds a
working interest of 78 per cent in PEL0094, and is operator.
The additional Prospective Resources, which are in the east of
PEL0094, consist of 7 new leads with a total unrisked gross
Prospective Resources (Best Estimate) of 2,048 million barrels of
oil ("barrels"). As previously reported in July 2020, the
pre-existing prospects - Marula and Welwitschia Deep - contain a
total of 881 million barrels, making a new total on the licence of
2,929 million barrels unrisked gross Prospective Resources (Best
Estimate).
Regarding the Prospective Resources attributable to Global, the
total unrisked net Prospective Resources (Best Estimate) now total
2,284 million barrels compared with the previous number of 687
million barrels net to Global for Marula and Welwitschia Deep
alone.
This means that the total unrisked net Prospective Resources
(Best Estimate) - both gross and net - are over three times as
large, due to the new leads identified. On a risked basis,
Prospective Resources have approximately doubled.
The technical work undertaken in late 2020 has significantly
reinforced Global's confidence that the source rock is present and
generating oil in PEL0094 and has further vindicated the Company's
view that the acreage is highly prospective.
Peter Hill, Global Petroleum's CEO, commented: "As promised in
December, we are pleased to report the identification of
significant new leads in the eastern part of PEL0094, together with
further de-risking of our principal prospect, Marula, and
additional evidence of the presence of significant source. The
identification of Prospective Resources on such a scale in the new
leads is obviously a great boost to the overall prospectivity and
attractiveness of the Licence, which is very timely as we commence
our farmout process."
The Prospective Resources are detailed in Table A below and have
been classified in accordance with the Society of Petroleum
Engineers Petroleum Resources Management System (SPE-PRMS), and
have been estimated using a probabilistic method. They are based on
3D and 2D seismic data and geological information, including
analogues, to which Global has access. The prospects are considered
viable drilling targets. The leads require more data and/or
evaluation before they can be considered viable drilling
targets.
Table A: Estimates of gross attributable Prospective Resources
and net attributable Prospective Resources in PEL0094. Global*** is
operator of licence PEL0094
Gross* Net Attributable** Risk Risked
Prospective Resources Prospective Resources Factor NAPR in
within PEL0094 (NAPR) PEL0094
within PEL0094
------------- ------------------------------------------- -------------------------------------------
Risked
net
1U 2U 3U 1U 2U 3U 2U
Low Best High Low Best High Best
Prospects Estimate Estimate Estimate Mean Estimate Estimate Estimate Mean Estimate
or Leads (P90) (P50) (P10) Estimate (P90) (P50) (P10) Estimate (%) (P50)
--------- ---------- --------- --------- --------- ---------- ------- ---------
OIL - millions of barrels
Prospect
Welwitschia
Deep 162 671 1863 881 126 523 1453 687 14% 73
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Prospect
Marula 109 210 337 218 85 164 263 170 22% 36
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Ana 42 91 175 102 33 71 137 80 11% 8
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Quiver
Tree 275 476 786 508 215 371 613 396 11% 41
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead Quiver
Tree South 262 396 566 407 204 309 441 317 7% 22
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Plum 79 164 311 182 62 128 243 142 7% 9
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Plum South 4 13 36 17 3 10 28 13 6% 1
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Plum Deep 226 466 894 523 176 363 697 408 6% 22
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
Lead
Monkeythorn 220 442 831 491 172 345 648 383 7% 24
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
TOTAL 2929 3329 2284 2596 236
--------- --------- --------- ---------- --------- --------- --------- ---------- ------- ---------
* "Gross" means 100% of the resources attributable to the
licence, so does not include any resources outside of the
licence.
** 'Net Attributable' are those resources attributable to Global
Petroleum Ltd at its working interest of 78% (these are not net of
the 5% royalty)
*** The operator of the licence is Global Petroleum Namibia
Limited, a 100% subsidiary of Global Petroleum Exploration Limited,
which is a 100% subsidiary of Global Petroleum Limited
"1U, 2U and 3U" denotes the unrisked low, best and high
estimates respectively qualifying as Prospective Resources, and
where there should be at least a 90%, 50% and 10% probability
respectively that the quantities recovered will equal or exceed the
estimates
"Risk Factor" is the estimated probability that exploration
activities will confirm the existence of a significant accumulation
of potentially recoverable petroleum. This, then, is the chance or
probability of the Prospective Resources maturing into a Contingent
Resource. Where a prospect could contain either oil or gas the
hydrocarbon type with the higher probability of being discovered
has been listed in the table.
Prospective Resources Cautionary Statement (in accordance with
AIM Listing Rules): the estimated quantities of petroleum that may
be potentially recovered by the application of a future development
project(s) relate to undiscovered accumulations. These estimates
have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially moveable hydrocarbons.
Competent Person - Global
The petroleum resources information in this release is based on,
and fairly represents, information and supporting documentation in
a report compiled by Paul Howlett, who is a qualified person for
the purposes of the AIM Guidance Note for Mining, Oil and Gas
Companies. Paul is Consultant Exploration Manager for Global
Petroleum and director/principal of Energy Explorers Limited. He
has a Master's Degree in Sedimentology from Birkbeck College of the
University of London , is a Member of the American Association of
Petroleum Geologists and has 28 years of experience in the oil and
gas industry. Mr Howlett has consented in writing to the inclusion
of the petroleum resources information in this announcement in the
form and context in which it appears.
For further information please visit: www.globalpetroleum.com.au
or contact:
Global Petroleum Limited +44 (0)20 3875 9255
Peter Hill, Managing Director & CEO
Panmure Gordon (UK) Limited (Nominated Adviser & Sole Broker) +44 (020) 7886 2500
Corporate Finance: Nicholas Harland / Ailsa MacMaster
Corporate Broking: Hugh Rich
Tavistock (Financial PR & IR) +44 (0)20 7920 3150
Simon Hudson / Nick Elwes
FURTHER BACKGROUND
Location of PEL0094 (Block 2011A)
PEL0094 covers an area of 5,798 square kilometres offshore
northern Namibia in water depths ranging from 350 to 1,550 metres,
as shown in figure 1 below.
http://www.rns-pdf.londonstockexchange.com/rns/8225M_3-2021-1-25.pdf
Participating Interests in PEL0094
Global is the operator of the licence 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)
** Global Petroleum Namibia Limited was formerly known as
Jupiter Petroleum (Namibia) Limited.
Namcor and Aloe are carried by Global.
PEL0094 - Prospectivity
Plays have been estimated in: (1) Upper Cretaceous and Paleocene
sandstones, which includes the Marula prospect and the leads
identified in the eastern part of PEL0094 such as Ana, Quiver Tree,
Quiver Tree South, Plum, Plum Deep and Monkeythorn; (2) Lower
Albian-Upper Aptian shallow water carbonates, which includes the
Welwitschia Deep prospect; and (3) Lower-Upper Albian basinal
sandstones in the eastern part of PEL0094 (same age play as was
proven by the Cormorant-1 well) which includes the Puzzlebush lead
area.
Global's primary prospect, Marula, is a distal pinchout of
Cretaceous sandstones, which on the 3D seismic data has a
significant amplitude anomaly whose down-dip edge conforms with
structure. The recent work on mapping the source rock with more
confidence from well penetrations further south in the basin
included using elastic impedance sections. Together with a
reconnaissance amplitude with offset (AVO) study on the 3D seismic
data, this has resulted in the geological chance of success of
Marula being increased from 18% to 22%.
The new leads are interpreted to have good quality sandstone
reservoirs and located vertically above the oil-generating source
rock. It is considered that the best way to bring these leads to
drillable status would be to acquire a new 3D seismic data survey
in this area.
The prospective resources are all interpreted to be sourced from
the Barremian-Aptian marine "Kudu Shale" mudstone, which is a
world-class quality source rock in the wells at Kudu, Moosehead-1,
Murombe-1 and Wingat-1. At the latter, also within the Walvis basin
like PEL0094, high-quality, light oil was recovered to surface.
Global has mapped this source rock with some confidence into
PEL0094, where it is estimated to be generating oil.
http://www.rns-pdf.londonstockexchange.com/rns/8225M_2-2021-1-25.pdf
Brief description of the basis on which the prospective
resources are estimated
Global has examined data from nearby wells and used that to
interpret its current 3D and 2D seismic dataset to establish the
extent and thickness of the reservoirs and the structural
configuration of the area. Petrophysical results from these wells
and analogous information from relevant plays have been used to
estimate inputs to the probabilistic software used to calculate the
prospective resources, including values for porosity, net to gross,
oil shrinkage and recovery efficiency.
-ends-
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END
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