Global Petroleum Limited Provides Operational Update

Source: 11/30/2022, Location: Africa

Global Petroleum Limited provides an update of its operations.

Global is pleased to announce that it has agreed with Searcher Geodata UK Ltd (“Searcher”), to sponsor an Environmental Impact Assessment (“EIA”) to be managed by Searcher, ahead of a multi-client 3D seismic data survey planned by Searcher in the Walvis Basin in 2023. The area of the EIA sponsored by Global covers a large section of the Walvis Basin, extending well beyond the boundaries of Global’s Licence PEL 94 (Figure 1).

As previously announced, Global is seeking a farm-in a partner to fund the further work programme in PEL 94. The current commitment is the acquisition of 2,000 sq. kms of 3D seismic data. To shoot 3D seismic would be particularly interesting in the eastern part of the block, where it is estimated there are leads with a total of over 2 billion barrels of gross best estimate (P50) prospective resources. These leads are currently defined by a 2D seismic data grid only.

The existing 3D seismic data coverage over the two prospects, Welwitschia Deep and Marula, has facilitated the calculation of gross best estimate (P50) prospective resources of 881 million barrels in total. Global regards Welwitschia Deep and Marula as drill ready, and if a farm-in partner were to agree with this assessment there would be the option, with the consent of the Namibian authorities, to proceed directly to drilling.

From a wider Namibian perspective, further exploration and appraisal drilling is planned by Shell and TotalEnergies commencing before the end of this year.

According to reports, TotalEnergies will operate 2 wells, the first a re-entry/test of the original exploration well, Venus 1-X, the second an appraisal well, and Shell has contracted a 12 month drilling programme, extendable for 6 months.

As previously announced, the Company has decided to continue the process with regard to its four offshore applications, in accordance with the provisions of the Hydrocarbon Law of 2022. In deciding to do so, the Company is cognisant of the wider strategic and political context.

The energy supply picture for the whole of Europe has changed drastically in the last year. Furthermore, Italy has recently elected a new government and the Company is informed that all three parties in the governing coalition have affirmed their support for future oil and gas exploration in Italy.

Accordingly, the Company will continue to monitor both the evolving requirements of the application process and the wider political environment. If the Company is ultimately successful, and then decides to accept award of exploration permits, it expects that it would seek a partner at the appropriate time.

Peter Hill, Global Petroleum’s CEO, commented:
“We are pleased to have agreed to sponsor the EIA Survey over a wide area of the Walvis Basin. Thisfollows on from all of the technical work which we have previously carried out and reported in our Licence area - our intention is to ensure that PEL 94 will be fully ready for the next stage of operations.”

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