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Agreement with NAMCOR to Licence 3D Seismic Data

Source: www.gulfoilandgas.com 4/7/2020, Location: Africa

Global Petroleum Limited has come to an agreement to licence pre-existing 3D seismic data in its offshore Namibia Block, 2011A (PEL0094). This key data, acquired by previous licensees in 2010, covers the Company’s Welwitschia Deep prospect and Marula lead, and will enable precise mapping of these features. Once this is complete, Global will update Prospective Resources and chances of success for Welwitschia Deep and Marula.

In consideration for the right to licence this data Global has agreed to transfer to National Petroleum Corporation of Namibia (“NAMCOR”) a 7 per cent participating interest in PEL0094. NAMCOR holds an existing 10 per cent carried interest as required by the Namibian Government, and its total interest in PEL0094 will therefore be 17 per cent, carried to first production. Aloe Investments, a private Namibian company holds a 5 percent interest, carried through exploration. Global will therefore hold a working interest of 78 per cent, and will remain operator of the licence.

The 3D seismic survey covers an area of 1,583 square kilometres, and being only 10 years old is considered to be of relatively modern vintage. The vast majority of the survey is in PEL0094 (Block 2011A), with the remainder in Block 1911 to the north. Details of the Prospective Resources for Welwitschia Deep and Marula were set out in an announcement by the Company on 26 November 2019. The 2014 Welwitschia-1A well, which was drilled by previous licensees, was abandoned before reaching the underlying Welwitschia Deep prospect and was drilled to the west of the Marula lead, located in the Upper Cretaceous - the primary target of Welwitschia-1A.

Peter Hill, Global Petroleum’s CEO, commented: “Finalising this data for equity deal with our partner, NAMCOR, is a major step forward for Global, enabling us both to conserve cash and to advance our exploration programme for PEL0094 very significantly. We wish in particular to thank NAMCOR for working with us to conclude this agreement, notwithstanding the necessary Covid-19 related restrictions - and resulting logistical challenges - which currently affect us all.”

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