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Sunday, October 22, 2017
Global Petroleum updated ongoing activities in Namibia in its latest release, revealing that the processing and interpretation of the 2017 2D seismic data acquired over PEL 0029 offshore the country is now complete. Global’s management believes that the new information has significantly improved the prospectivity across the block in general, and the Gemsbok prospect in particular.
Better imaging from the new 2D data reveals that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, has greatly improved the chance of a major oil discovery. Gemsbok remains the company’s primary exploration target.
Global has also commissioned a Competent Persons Report (CPR) in respect of its Namibian acreage from the consultants AGR Tracs, which is expected to be completed by the end of the year.
Following the CPR, Global intends to launch a structured farm-out process of its Namibian acreage with a view to finding a partner to fund its future operations on the block, commencing with 3D seismic.
The company is currently negotiating an extension of its license with the Namibian authorities, which is designed to ensure a highly flexible framework for future operations, and is confident of a successful outcome
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