TIDMGBP
RNS Number : 7438C
Global Petroleum Ltd
24 February 2022
24 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 - Venus 1-X Discovery and Global's Licence PEL
94
Global (AIM: GBP) notes the announcement by TotalEnergies on 24
February ("the Announcement").
The Announcement states that the Venus 1-X deep-water
exploration well has made a significant discovery of light oil with
associated gas on the Venus prospect, located in block 2913B in the
Orange Basin, offshore southern Namibia ("Venus discovery"), and
that the Venus 1-X well encountered approximately 84 meters of net
oil pay in a good quality Lower Cretaceous reservoir.
A link to the Announcement is provided here:
https://totalenergies.com/media/news/press-releases/namibia-totalenergies-makes-significant-discovery-offshore-block-2913b
The Venus discovery is located in the Orange Basin offshore
southern Namibia, whereas PEL 94 is situated in the northern Walvis
Basin (see Figure 1 and further detail below). Global believes that
the Venus discovery has very positive implications for the
Company's PEL 94 licence:
-- Taken together with the recently announced drilling success
in the Shell-operated Graff-1 well, the Venus discovery strongly
reinforces the evidence of a new petroleum province in the Namibian
offshore, which Global's model predicts to extend to PEL 94.
-- Both Marula - Global's primary prospect in PEL 94 - and the
Venus and Graff discoveries are stratigraphic traps with
Cretaceous, deep-water sandstone reservoirs.
-- The Venus 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"). The Company's
work has previously demonstrated that the Aptian source rock is
likely to be present and charging its prospects in PEL 94 with
oil.
-- A highly relevant factor is that water depths and subsurface
drilling depths are significantly less in PEL 94 compared to those
at Venus 1-X (and Graff-1). Global's internal economic modelling
concludes that the economics of its two primary prospects, Marula
and Welwitschia Deep, would be robust in the event of successful
exploration drilling.
Peter Hill, Global Petroleum's CEO, commented:
"We would like to congratulate TotalEnergies and its partners on
the drilling of the successful Venus 1-X well. Given the apparent
scale of the Venus discovery outlined in TotalEnergies'
announcement, following closely on Shell's Graff-1 success, there
can be little doubt that we are witnessing the birth of a major new
petroleum province, following these long-awaited finds of light oil
offshore Namibia.
From Global's perspective, we are highly encouraged by the
apparent technical similarities between both the Venus and Graff
discoveries and the prospectivity in our own licence, and we
believe that we are well-positioned to benefit from what the
Company expects to be a very strong boost to both investor and
industry confidence in relation to Namibian offshore exploration
generally."
For further information please visit: www.globalpetroleum.com.au
or contact:
+44 (0) 20 3 875
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
John Prior / Ailsa MacMaster
Corporate Broking: Hugh Rich
ETX Capital (Joint Broker) +44 (0) 20 7392
Thomas Smith 1568
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
FURTHER BACKGROUND
TotalEnergies' Venus 1-X well and Shell's Graff-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 Venus discovery, leading to significantly lower
drilling and development costs should operations proceed to this
stage. Water depths are approximately 1,000 metres at both the
Marula and Welwitschia Deep prospects in PEL 94, against
approximately 3,000 metres at Venus 1-X. The depth to drill from
seabed to the expected prospect depth is around 1,500 metres in PEL
94 compared to over 3,000 metres at Venus 1-X.
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 its Licence
PEL 94, offshore Namibia. This process is now underway.
http://www.rns-pdf.londonstockexchange.com/rns/7438C_1-2022-2-24.pdf
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