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Global Petroleum has been awarded a majority interest in an offshore block in Namibia’s northern Walvis basin.
Global signed an agreement to gain an 85% operated interest in Block 2011A, with state-oil company Namcor and local private company Aloe holding a 10% and 5% carried interest, respectively.
The initial two-year work programme over the block will see Global carry out a number of studies and reprocess existing seismic data, including a 3D survey that was carried out over the western part of the block.
Following the end of the initial two-year exploration period, Global will have the option to shoot 2000 square kilometres of new 3D data or relinquish the block.
Spanish company Repsol drilled the Welwitschia-1A well in the western part of the block in 2014 targeting Upper Cretaceous sands on the crest of a large structure but did not encounter a reservoir.
Despite Repsol’s disappointing result, Global said Wednesday it believed there was “significant prospectivity” in the deeper Albian carbonates, which Welwitschia-1A did not reach.
It also believes there could be additional prospectivity in shallower upper Cretaceous and Tertiary reservoirs on the eastern flank of the Welwitschia structure which have been proven by wells to the north-east and south-east of Block 2011A.
Global believes the Albian carbonates are also prospective in its PEL0029 licence to the west and comprises of blocks 1910B and 2010A.
The latest acquisition now gives the company an aggregate 11,608 square kilometres of acreage off Namibia which it said made it one of the largest acreage holders in the region.
It also noted that it will be keeping a close eye on the Tullow Oil-operated Cormorant-1 well being drilled in Block 2012B.
Tullow’s block is contiguous with the south-east corner of Block 2011A and Global believes the play being tested in the Cormorant-1 well extends into its own block.