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Friday, December 13, 2013
Global Petroleum Ltd. updated its proposed farm down in Namibia. The company is looking to farm down a portion of its 85% participating interest in PEL 0029 covering offshore Blocks 1910B and 2010A. Global has awarded a mandate to FirstEnergy Capital LLP (“FirstEnergy”), its Joint Broker, to bring in a partner to fund the next phase of planned exploration expenditures on the license, commencing with 3D seismic.
The blocks are located in the Walvis Basin, cover 11,730 sq km, and lie adjacent to acreage held by Repsol and its partners where an exploration well is scheduled to spud in Q1 2014.
Technical work undertaken by Global in the last 18 months based on 2D seismic data suggests that the most interesting plays on PEL 0029 are Cretaceous deepwater sandstones in structural or stratigraphic traps and carbonate platform build-ups on large horst blocks. Both reservoirs would be sourced either from the south and the Wingat source kitchen or locally, from syn-rift source rocks within deep rift grabens identified within the license.
Global is continuing to pursue diversification opportunities and studied, in depth, a number of potential transactions. These have included corporate acquisition, farm-ins, and license applications. The company remains confident of making an acquisition on terms that the board considers acceptable to shareholders.
Commenting, Peter Hill, Global’s MD and CEO, said: “We remain excited about our Namibian acreage but wish, as previously announced, to diversify risk and bringing in a partner through farming down our 85% interest in the blocks is an obvious step to take. FirstEnergy’s track record and extensive contacts internationally mean the firm is well placed to deliver this objective.”
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