TIDMGBP
RNS Number : 9124A
Global Petroleum Ltd
07 February 2022
7(th) February 2022
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")
Namibia Update - Significance of Graff-1 Well for Global's
Licence PEL 94
Global (AIM: GBP) notes the announcement made on Friday 4(th)
February by National Petroleum Corporation of Namibia ("NAMCOR"),
Shell Namibia Upstream B.V. and Qatar Energy ("NAMCOR
Announcement").
The NAMCOR Announcement states that the Graff-1 deep-water
exploration well in the Orange Basin offshore Namibia has made a
discovery of light oil in both primary and secondary targets
("Graff-1 discovery"), and that the Graff-1 deep-water well has
proved a working petroleum system for light oil in the Orange
Basin, offshore Namibia.
A link to the NAMCOR Announcement is provided here:
https://www.namcor.com.na/wp-content/uploads/2022/02/NAMCOR-Press-Release-The-Graff-1-Deep-sea-discovery-_Final_3_Feb_2022.pdf
Global believes that the Graff-1 discovery has positive
implications for the Company's PEL 94 licence, which is situated
approximately 1,000km north of the Graff-1 discovery:
-- The Graff-1 discovery clearly has the potential to underpin a
new petroleum province offshore Namibia, which Global's model
predicts to extend to PEL 94, further north in the Walvis Basin
(see Figure 1).
-- Graff-1 has demonstrated for the first time in the history of
Namibian offshore exploration that valid hydrocarbon-bearing
reservoirs with viable traps are present and that potentially
commercial volumes of oil are capable of migrating into them. Both
Marula - Global's primary prospect in PEL 94 - and the Graff
discovery are stratigraphic traps with late Cretaceous, deep water
sandstone reservoirs.
-- Both the Graff-1 discovery and Global's prospects and leads
in PEL 94 are interpreted by the Company to be sourced with oil
from the Barremian-Aptian Kudu Shale ("Aptian source rock"). This
source rock has been proven in the Orange Basin by wells previously
drilled there. The Company's work has demonstrated that the Aptian
source rock is likely to be present and charging its prospects and
leads in PEL 94 with oil.
-- A major factor in field development economics are water
depths and subsurface drilling depths, which are significantly less
in PEL 94 compared to those at Graff-1 and at TotalEnergies'
Venus-1 well, currently being drilled. Global's internal economic
modelling concludes that its two primary prospects, Marula and
Welwitschia Deep, would be robust economic projects in the event of
successful exploration drilling.
Peter Hill, Global's CEO, commented:
"We would like to congratulate Shell and its partners on the
drilling of the successful Graff-1 well. As the first potentially
commercial oil discovery offshore Namibia, this is a significant
event not only for Shell and its partners, but also for Namibia as
a country. We note the apparent similarities between the Graff
discovery and the prospectivity in our own licence, which is highly
encouraging especially when combined with the strong economics of
our prospects."
For further information please visit: www.globalpetroleum.com.au
or 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
& Joint Broker) 2500
Hugh Rich / Nick Lovering / Ailsa MacMaster
Nominated Adviser: John Prior
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
FURTHER BACKGROUND
Shell's Graff-1 well and TotalEnergies' Venus-1 well are both
located in southern offshore Namibia, approximately 1,000 km to the
south of Global's PEL 94 licence. PEL 94 covers an area of 5,798
square kilometres in water depths ranging from 350 to 1,550 metres,
as shown in Figure 1 below.
Total drilling depths in PEL 94 are much shallower than is the
case for the Graff discovery, leading to significantly lower
drilling and development costs should operations proceed to this
stage. Water depths are approximately 1000 metres at both the
Marula and Welwitschia Deep prospects in PEL 94, against
approximately 2,000 metres at Graff-1. The depth to drill from
seabed to the expected prospect depth is around 2,000 metres in PEL
94 compared to over 3000 metres at Graff-1.
http://www.rns-pdf.londonstockexchange.com/rns/9124A_1-2022-2-7.pdf
Participating Interests in PEL94
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
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe",
a private Namibian company).
Farmout
On 9 November 2021 Global announced that it had appointed an
advisor, PVE Consultants, to assist in the farmout of PEL 94. This
process is now underway.
-ends-
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