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Wednesday, October 3, 2018
Global Petroleum said that the results of Tullow Oil’s well on the Cormorant Prospect offshore Namibia on Block 2012B were encouraging. Although the Cormorant well was plugged and abandoned as non-commercial, Global is encouraged that the operator stated that hydrocarbons were encountered.
Tullow noted that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target.
Global therefore infers that the failure to encounter hydrocarbons in commercial quantities was due to factors which are specific to the Cormorant stratigraphic prospect. The company said that it does not believe that the Cormorant well result impacts the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic prospects.
Peter Hill, Global Petroleum’s CEO, commented, “We are very encouraged by firm evidence from drilling of a working hydrocarbon system in the area adjacent to our acreage, which we believe has positive implications for the multiple prospects in our Namibian portfolio. We are fortunate that this news has arrived so soon after we secured Block 2011A. It has increased our confidence in the prospects for all our Blocks and we look forward to progressing their exploration.”
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