The Ministry of Mines and Energy in Namibia has agreed to increase Global Petroleum’s licence sub-period in reference to its licence PEL0094 (Block 2011A), offshore Namibia, and likewise to change the work commitments.
Global holds a working curiosity of 78 per cent and is the operator of the PEL0094 licence.
The licence sub-period was prolonged from September 2020 to September 2021, Global Petroleum mentioned on Wednesday.
Under the phrases of the Petroleum Agreement for PEL0094 signed in September 2018, the four-year Initial Exploration Period was cut up into two sub-periods of two years every, with the primary sub-period ending in September 2020.
The modification to PEL0094 agreed by the Ministry offers Global an extra yr to fulfil a modified work dedication, after which Global could elect to enter the subsequent licence sub-period in September 2021.
Global earlier in July detailed the up to date potential sources in each the Marula and Welwitschia Deep prospects in PEL0094 following interpretation of the 3D seismic knowledge licensed earlier this yr.
A complete of 881 million barrels of unrisked gross Prospective Resources (Best Estimate) has been estimated in PEL0094 in two prospects, of which 687 million barrels are internet to Global.
The interpretation of the 3D seismic knowledge has led to elevated confidence within the two prospects beforehand recognized, Marula and Welwitschia Deep.
Global defined on Wednesday that the modified work programme agreed with the Ministry concentrates on the licensing of current seismic knowledge and the finishing up of research particularly designed to deal with these two thrilling prospects.
Peter Hill, Global Petroleum’s CEO, commented: “We want to thank the Ministry of Mines and Energy and are delighted to obtain this extension to PEL0094, with the amended work programme which permits us to deal with the principal prospects in our acreage, additional de-risked following our current re-interpretation of the historic 3D seismic”.
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