TIDMGBP
RNS Number : 1448J
Global Petroleum Ltd
14 August 2023
14 August 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
Global Petroleum Limited
("Global" or "the Company")
Namibia Update - Approval for Global to enter next phase of
Licence PEL 94 Namibia
Global (AIM: GBP) is pleased to announce that the Namibian
Ministry of Mines and Energy ("Ministry") has given approval for
the Company and its partners to proceed to the First Renewal Period
("FRP") of Walvis Basin licence PEL 94, with a duration of two
years from September 2023 to September 2025.
The work commitment for the FRP is to acquire, process and
interpret 2,000 kms of 3D seismic data (the "3D Seismic") - carried
over from the current Initial Exploration Period ("IEP") and to
drill a well contingent upon the results of interpretation of the
3D Seismic. The original well commitment for the FRP - as specified
in the Petroleum Agreement for PEL 94 - was firm, rather than
contingent.
In accordance with standard provisions in the Petroleum
Agreement, the Company and its partners are obliged to issue a
guarantee at the beginning of each main phase of the licence,
including the FRP. The guarantee is linked to the specified minimum
exploration expenditure ("MEE"), which is the firm work commitment
for the FRP (the commitment cost of the 3D Seismic), with the
precise quantum to be agreed between Global and the Ministry, and
has previously been negotiated as a low percentage of the MEE.
Importantly, The Ministry has waived the usual requirement to
relinquish 50% of the licence area at the end of the IEP. This
means that Global and its partners have retained all of the
prospectivity of the licence on entry to the FRP - notably both of
the primary prospects, Marula and Welwitschia Deep, together with
the leads which the Company has identified in the eastern part of
the licence.
The Company regards the grant of the two year FRP term (rather
than a further one year extension to the IEP as originally
expected) - together with the waiver of the relinquishment
requirement - to be a successful outcome. It is also expected to
give a major boost to the Company's ongoing farmout campaign.
In the broader Namibian context, Global is in full agreement
with the widely held industry view that the drilling in the Orange
Basin by Shell and TotalEnergies to date strongly suggests that
Namibia has become a world class petroleum province, in terms of
scale of likely resources.
Peter Hill, Global Petroleum's CEO, commented:
"We are very pleased to enter the next phase of PEL 94 with the
prospectivity intact and the flexibility which a two-year term
gives to us and our partners. We would like to convey our thanks to
the Ministry of Mines and Energy accordingly."
For further information please visit: www.globalpetroleum.com.au
or contact:
+44 (0) 20 3 875
Global Petroleum Limited 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Joint Broker) 2500
John Prior / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170
Tom Curran/Thomas Smith 8200
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
FURTHER BACKGROUND
TotalEnergies' Venus-1X and -1A wells and Shell's Graff-1, La
Rona-1 and Jonker-1 wells are located in southern offshore Namibia,
approximately 1,000 km to the south of Global's PEL 94 licence. PEL
94 covers an area of 5,798 square kilometres in water depths
ranging from 350 to 1,550 metres, as shown in Figure 1 below.
As previously announced, Global's view is that there is
commonality of both source and reservoir between the Shell and
TotalEnergies discoveries in the Orange Basin, and PEL 94. The
Company believes that the Walvis Basin, where PEL 94 is situated,
also has the potential to be extremely successful, but has the
advantage of much shallower water depths generally than the
discoveries in the south, leading to significantly lower drilling
and development costs should operations proceed to this stage.
Water depths are approximately 1,000 metres at both the Marula and
Welwitschia Deep prospects in PEL 94, against approximately 3,000
metres at Venus-1X. The depth to drill from seabed to the expected
prospect depth is around 1,500 metres in PEL 94 compared to over
3,000 metres at Venus-1X.
The Company issued a Prospective Resources update on 27 March
2023 which communicated, in particular, that work on its principal
prospect Marula saw Unrisked Gross Prospective Resources grow from
218 to 411 million barrels (Mean), an increase of 89%.
Participating Interests in PEL94
Global is the operator of the licence and the participating
interests are:
78% Global Petroleum Namibia Limited (100% owned subsidiary
of Global Petroleum Limited)
17% National Petroleum Corporation of Namibia (Proprietary)
Limited ("NAMCOR")
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe",
a private Namibian company).
NAMCOR and Aloe are carried by Global.
Farmout
On 9 November 2021 Global announced that it had appointed an
advisor, PVE Consultants, to assist in the farmout of its licence
PEL 94, offshore Namibia. This process continues.
Figure 1: Location map for Global's Namibian licence PEL 94
(Block 2011A) and the wells Venus-1X (TotalEnergies), plus Graff-1,
La Rona-1 and Jonker-1 (Shell)
-ends-
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