Global Petroleum provides updates on Namibia operations in H1 results

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Global Petroleum reports that its focus during the H1 reporting period was the continued interpretation of the existing seismic data over its Namibian license, PEL 0094, culminating in an initial prospective resource estimate being calculated and released. The results of the prospective resource calculation are set out it more detail within the Company’s announcement of 26 November 2019.

In April 2020, an agreement was reached with the Namibian state oil company, NAMCOR to licence the pre-existing 3D seismic data for PEL 0094. This key data, acquired by previous licensees in 2010, and hence of relatively modern vintage, covers the Company’s Marula and Welwitschia Deep prospects, and has enabled more precise mapping of these features.

In consideration for the right to license this data Global agreed to transfer to NAMCOR a 7 percent participating interest in PEL 0094. NAMCOR held an existing 10 per cent carried interest as required by the Namibian Government, therefore its total interest in PEL 0094 is now 17 percent, carried to first production.

Following its interpretation of the 3D seismic data, in late July 2020 Global announced an updated estimate of prospective resources for PEL 0094, which amounted to 687 MMbbl unrisked best estimate prospective resources net to Global, with increased confidence in the two aforementioned prospects. Subsequently the Company announced the extension of PEL 0094 by one year until September 2021, along with a modified work program.

It is the company’s intention to seek a farm-in partner for exploration drilling on PEL 0094, and potentially also to progress the work program over the PEL 0029 area.

In Italy, regarding the various appeals against the Environmental Decrees in relation to the Company’s applications for offshore permits, all first instance appeals made to the Rome Tribunal and to the President of the Republic were subsequently adjudicated in Global’s favor. Puglia subsequently appealed to the Council of State in respect of all judgements made against Puglia with the hearing held in late January 2020. The Council of State, in its preliminary judgement, suspended the proceedings before it referred the matter to the European Court, requesting the Court to rule whether the four license applications contravene a relevant EU Directive. The Company is advised that the grounds of appeal (referral) are without merit. No hearing date has been set.

In addition, the exploration moratorium originally imposed by the Italian Parliament in February 2019 for a period of 18 months was extended to February 2021.

 

Source: Petroleum Africa

The post Global Petroleum provides updates on Namibia operations in H1 results appeared first on Energy News | Oil and Gas News.

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