Global Petroleum Ltd. has been granted an extension by the Ministry of Mines and Energy in Namibia for the sub-license of PEL0094 (Block 2011A), offshore Namibia. Work commitments also have been modified.
Under the terms of the agreement signed in September 2018, the 4-year initial exploration period was split into two sub-periods of 2 years each, with the first sub-period ending in September 2020. The amendment to PEL0094 agreed by the Ministry gives Global a further year to fulfill a modified work commitment, after which Global may elect to enter the next license sub-period in September 2021.
Following interpretation of 3D seismic data licensed earlier this year, a total of 881 million bbl of unrisked gross prospective resources (best estimate) has been estimated in PEL0094 in the Marula and Welwitschia Deep prospects, of which 687 million bbl are net to Global (OGJ Online, Apr. 9, 2020).
The Marula prospect is a distal pinchout of Cretaceous sandstones onto the Welwitschia high. Global’s interpretation of the 3D seismic data has revealed a significant amplitude anomaly whose down-dip edge conforms with structure, which has resulted in the geological chance of success of Marula being increased to 18% from 8%. The Welwitschia Deep prospect has also been confirmed by interpretation of the 3D seismic data and the Albian carbonate reservoir has best estimate unrisked gross prospective resources of 671 million bbl of oil (523 million bbl net to Global) with a geological chance of success of 17%.
The modified work program agreed concentrates on the licensing of existing seismic data and the carrying out of studies specifically designed to focus on these two exciting prospects.
Global is operator of the license with 78% interest.
