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Tuesday, October 30, 2018
Global Petroleum provided an update on its operations in Namibia which focused on its acquisition of a Petroleum Agreement for Block 2011A offshore Namibia. The License for Block 2011A, designated PEL 0094, was issued post the reporting period.
Block 2011A is located in the Walvis basis, immediately to the east of the company’s current license, PEL 0029, which comprises Blocks 1910B and 2010A.
Global will hold an 85% interest in PEL 0094 as operator. The company is partnered with Namcorand Namibian private company Aloe Investments, who will have carried interests of 10% and 5% respectively.
The combination of the two licenses gives Global an interest in an aggregate area of 11,608 sq kms offshore Namibia, which is one of the largest net acreage holdings in the region.
The company has terminated its arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 029, Although no farminee has been identified to date, Global plans to continue its search for potential farm-in partners.
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