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Tuesday, May 3, 2016
Global Petroleum issued an update on its offshore Namibia blocks. The company’s license covering two blocks, Blocks 1910B and 2010A in the Walvis Basin was extended by Namibian authorities into Phase 2.
Phase 2 of the license is for a 24-month period and contains a minimum work program, which does not call for the drilling of a commitment well.
Previously Phase 1 of the license was extended for one year until December 2015, in return for an additional work program, involving further modelling using both seismic and gravity data. The results of this combined seismic and gravity work has proved to be very encouraging with regard to the hydrocarbon potential in Global’s offshore blocks.
Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within Global’s blocks. Combined with the existing prospect portfolio within the blocks, this has improved Global’s views on the overall prospectivity of the acreage. Reprocessed 2D seismic has now been purchased and is currently being evaluated by its technical team.
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