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New Prospective Resources Estimate for PEL94 in Namibia

Source: www.gulfoilandgas.com 11/26/2019, Location: Africa

Global Petroleum Limited is pleased to announce its estimate of prospective resources for PEL0094 (Block 2011A), offshore Namibia. Global holds a working interest of 85% and is operator of the licence.

A total of 964 million barrels of unrisked gross technical prospective resources (Best Estimate) has been estimated in PEL0094. Of particular note, the Albian carbonate reservoir at Welwitschia Deep has been estimated to have Best Estimate unrisked gross prospective resources of 772 million barrels of oil with a probability of success (“chance of geologic discovery”) of 15%.

The Prospective Resources are based on 2D seismic data and geological information, including analogues, to which Global has access at the current time. Global is confident that more prospects and leads will be identified once it has licensed and interpreted the remainder of the existing seismic data in PEL0094, both 2D and 3D, as well as tying in some of the analogous reservoirs in offset wells. In particular, the plays in the Upper Cretaceous/Paleocene sandstones and Albian carbonates are partially covered by the existing 3D seismic data. Further work may increase the geological chance of success of the prospective resources. Updated prospective resources and their associated geological chances of success will be calculated once work has been completed.

Peter Hill, Global Petroleum’s CEO, commented: “Our technical work to date on PEL0094 confirms that the acreage is highly prospective. We are delighted that our review of the data so far has confirmed the high level of prospectivity of PEL0094 generally, and of the Welwitschia Deep prospect in particular , which contains unrisked Best Estimate prospective resources of nearly 800 million barrels. Specifically, our work suggests that the Welwitschia-1A well - drilled in 2014 by previous licensees - was abandoned before reaching the underlying Welwitschia Deep prospect. Moreover, the 2014 well was drilled to the west of the newly identified Marula lead, located in the Upper Cretaceous which was the primary target of Welwitschia-1A. These factors, together with the scale of the prospective resource numbers which we have released today, demonstrate that both Welwitschia Deep and Marula are very attractive targets.”

The Welwitschia Deep prospect is a fault and dip-closed structural trap, as are the Gemsbok, Lion and Dik Dik prospects in the company’s PEL0029 licence which is immediately adjacent to PEL0094 to the west. The Repsol operated Welwitschia-1A well, which was drilled in the western part of Block 2011A in 2014, primarily targeted Upper Cretaceous sands on the crest of a large structure but did not encounter a reservoir. However, Global has now quantified part of the significant prospectivity in the deeper Albian Carbonates (Welwitschia Deep), which Welwitschia-1A did not reach.

The Marula lead is a stratigraphic trap, where the Upper Cretaceous, deep water sandstones pinch out to the west onto the Welwitschia structure. The reservoir is the same age as the target of the Welwitschia-1A well where the sands were found to be absent, thus providing strong evidence of an excellent lateral seal 4km to the west of the Marula lead. The reservoir for Marula is proven at the 2012/13-1 well 100 kilometres to the south-east, where light and heavy oil was extracted from well samples.

Competent Person – Global
The petroleum resources information in this release is based on, and fairly represents, information and supporting documentation in a report compiled by Paul Howlett, who is a qualified person for the purposes of the ASX Guidance Note 32 for Reporting on Oil and Gas Activities and the AIM Guidance Note for Mining, Oil and Gas Companies. Paul is Consultant Exploration Manager for Global Petroleum and director/principal of Energy Explorers Limited . He has a Master’s Degree in Sedimentology from Birkbeck College of the University of London, is a Member of the American Association of Petroleum Geologists and has 27 years of experience in the oil and gas industry. Mr Howlett has consented in writing to the inclusion of the petroleum resources information in this announcement in the form and context in which it appears.

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