Continental Focus, International Reach

Global Moves into Phase 3 In Namibia

Monday, March 4, 2019

Global Petroleum announced an extension to the First Renewal Exploration Period (Phase 2) of 12 months to 3 December 2018 for Petroleum Exploration License 0029 and entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. The license covers Blocks 1910B and 2010A, located in the Walvis Basin offshore Namibia. The company has also now agreed a work commitment for Phase 3 with the Namibian Ministry of Mines and Energy.

PEL 0029 covers Blocks 1910B and 2010A in Namibia’s Walvis Basin.

The firm’s additional work program consists of various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset (AVO) analyses and extended elastic impedance (EEI) studies on seismic data. The financial commitment to undertake the firm additional work program is US$350,000.  In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D seismic data – contingent upon Global concluding a farmout – and the drilling of one exploration well.

The Ministry has also waived the requirement to surrender a further 25 per cent of the original Licence Area – which is normally required at the end of the First Renewal Period – 50 per cent had already been surrendered in accordance with the Petroleum Agreement at the end of the Initial Exploration Period (Phase 1).

Significant prospective resources have been calculated on three prospects and two leads in the Licence which were detailed in the Competent Person’s Report released in January 2018.  The Albian carbonates are the main reservoir for the three prospects, with the primary prospect, Gemsbok, also having prospective resources in two deeper layers.  One of the two leads, Choje, has Upper Cretaceous deep-water sandstones as its reservoir.  Both the Albian carbonate and Upper Cretaceous sandstone plays are currently being worked up further, both in the license and in Global’s adjacent License PEL0094.  Further details will be released when work has been completed.