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Tuesday, August 10, 2021
Global Petroleum Ltd out of Australia has announced, in relation to its license PEL0094 (Block 2011A) offshore Namibia, that the Ministry of Mines and Energy has agreed to Global’s proposal to enter into the next license sub-period from September 2021 to September 2022.
Under the terms of the Petroleum Agreement for PEL0094 signed in September 2018, the four-year Initial Exploration Period (IEP) was split into two sub-periods of two years each, with the first sub-period ending in September 2020, subsequently extended to September 2021 with a reduced work program (see Global’s announcement of 29 July 2020).
Global further expects to apply for a one-year extension to the four-year IEP at the appropriate time – such extensions are commonly granted by the Ministry, for example in the case of the company’s previous License PEL0029.
The work commitment for the upcoming phase of the license is to acquire and process 2,000 sq kms of 3D seismic data, a commitment which Global expects to fulfil via a farm-out. This new 3D seismic data would increase the chance of success of the Marula prospect and confirm the prospective resources in the eastern part of the license, which were announced on 26 January 2021.
Peter Hill, Global Petroleum’s CEO, commented: “We would like to thank the Ministry of Mines and Energy and are delighted to move into the next license phase on PEL0094, and to progressing work on what we believe is a highly prospective license. The next few months are clearly the most exciting period in several years for petroleum exploration offshore Namibia, notably with Total’s upcoming Venus well, followed by the Shell well in PEL 0039
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