Global Petroleum Provides Namibia Update – Extension to Licence PEL 0094 (“PEL 94”)

Source: www.gulfoilandgas.com 4/25/2022, Location: Africa

Global is pleased to announce that the Namibian authorities have granted a one year extension to the Initial Exploration Period of PEL 94, from September 2022 to September 2023 (”licence extension”).

The outstanding commitment for the Initial Exploration Period (as extended) is to acquire, process and interpret 2,000 kms of 3D seismic data. It should be noted that Global’s two primary prospects in PEL 94 - Marula and Welwitschia Deep - are already defined by existing 3D seismic data and the Company regards them as drill-ready.

The respective discoveries made by the Graff-1 and Venus-1X wells (see Global’s announcements of 7 February and 24 February 2022) have heralded a major new petroleum province. These discoveries, especially in light of their reported scale, may be expected to institute a structural change in investor and industry confidence in Namibian offshore exploration.

Given this, the view of Global and its advisers is that companies, particularly potential new entrants to Namibia, will need significantly more time to understand the geology and petroleum systems offshore. As previously announced, Global believes that there is commonality of both source and reservoir between the two discoveries and PEL 94.

Accordingly, the Company intends to keep under review the PEL 94 farmout process and, in particular, the timetable, having due regard also to the flexibility now provided by the licence extension.

Peter Hill, Global Petroleum’s CEO, commented:
“We would like to convey our thanks to the Ministry of Mines and Energy in Namibia for granting the one year extension to the Initial Exploration Period of PEL 94. This, taken together with the Graff and Venus discoveries, gives Global significantly increased optionality in relation to its future plans for PEL 94.”


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