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Thursday, September 20, 2018
Namibia has awarded Global Petroleum new acreage offshore the country. The company signed a petroleum agreement with the Namibian authorities for Block 2011A in the northern Walvis Basin. Global will hold an 85% interest in the new block as operator. State oil company, Namcor, and a local private company, Aloe, will have carried interests of 10% and 5% respectively.
The new block is located immediately to the east of the company’s current license, PEL 0029, which is made up of Block 1910B and 2010A. The combination of the two licenses gives Global an aggregate of 11,608 sq km offshore northern Namibia and makes it one of the largest net acreage holders in the region.
Global believes that Block 2011A contains the same plays as those detailed in the Competent Person’s Report for PEL 0029, which was published in January 2018, and is available on the company’s website.
Under the Block 2011A work program, in the first two years of the Initial Exploration Period, Global will carry out various studies and will reprocess all existing seismic in the license area, which includes a 3D seismic data survey shot in the western section. The studies and reprocessing will enable the reservoirs in the Welwitschia structure and elsewhere in the acreage to be mapped with more confidence, and the leads to be identified more accurately.
At the end of two years, Global has the option either to shoot a new 2,000 sq km 3D seismic data survey in the eastern part of Block 2011A, or alternatively to relinquish the license.
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