Global Petroleum sees prospectivity increase offshore Namibia

Oil and gas company Global Petroleum has seen an increase in the prospectivity of its acreage offshore Namibia following the completion of seismic data interpretation. 

Global holds an 85% participating interest in Petroleum Exploration Licence No. 0029, covering offshore blocks 1910B and 2010A.

The blocks are located in the Walvis Basin and cover 11,730 square kilometers in water depths ranging from 1,200 meters to 3,000 meters.

Global informed on Wednesday that processing and interpretation of the 2017 2D seismic data acquired over the company’s acreage offshore Namibia was complete. Seabird Exploration was in charge of the survey, which was conducted during last summer.

Global said in the statement: “Management believes that the new information has significantly improved the prospectivity across block PEL 0029 in general and the Gemsbok prospect in particular. Better imaging from the new 2D data reveals that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, has greatly improved the chance of a major oil discovery. Gemsbok remains the company’s primary exploration target.”

The company has commissioned a Competent Persons Report (CPR) in respect of its Namibian acreage from the consultants AGR Tracs, which is expected to be completed by the end of the year. It is then the intention of the company to launch a structured farmout process of its Namibian acreage with a view to seeking a partner to fund future operations on the block, starting with 3D seismic.

The company is currently negotiating an extension of its license with the Namibian authorities, which is designed to ensure a highly flexible framework for future operations.

Peter Hill, Global’s CEO, said: “We are most encouraged by the results of the new 2D seismic in Namibia, which we feel have significantly de-risked our acreage with particular reference to the Gemsbok prospect.”

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