Global Petroleum Ltd Extension to Global's Licence PEL 0094 (2346J)
April 25 2022 - 06:46AM
UK Regulatory
TIDMGBP
RNS Number : 2346J
Global Petroleum Ltd
25 April 2022
25 April 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 - Extension to Global's Licence PEL 0094 ("PEL
94")
Global (AIM: GBP) is pleased to announce that the Namibian
authorities have granted a one year extension to the Initial
Exploration Period of PEL 94, from September 2022 to September 2023
("licence extension").
The outstanding commitment for the Initial Exploration Period
(as extended) is to acquire, process and interpret 2,000 kms of 3D
seismic data. It should be noted that Global's two primary
prospects in PEL 94 - Marula and Welwitschia Deep - are already
defined by existing 3D seismic data and the Company regards them as
drill-ready.
The respective discoveries made by the Graff-1 and Venus-1X
wells (see Global's announcements of 7 February and 24 February
2022) have heralded a major new petroleum province. These
discoveries, especially in light of their reported scale, may be
expected to institute a structural change in investor and industry
confidence in Namibian offshore exploration.
Given this, the view of Global and its advisers is that
companies, particularly potential new entrants to Namibia, will
need significantly more time to understand the geology and
petroleum systems offshore. As previously announced, Global
believes that there is commonality of both source and reservoir
between the two discoveries and PEL 94.
Accordingly, the Company intends to keep under review the PEL 94
farmout process and, in particular, the timetable, having due
regard also to the flexibility now provided by the licence
extension.
Peter Hill, Global Petroleum's CEO, commented:
"We would like to convey our thanks to the Ministry of Mines and
Energy in Namibia for granting the one year extension to the
Initial Exploration Period of PEL 94. This, taken together with the
Graff and Venus discoveries, gives Global significantly increased
optionality in relation to its future plans for PEL 94."
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-1X 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-1X.
Participating Interests in PEL 94
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.
http://www.rns-pdf.londonstockexchange.com/rns/2346J_1-2022-4-25.pdf
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