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Global Petroleum has announced its Quarterly Report for the period ending 30 September 2018, and provided an update on its operations in Namibia and in Italy.
- The Company focused on securing a Petroleum Agreement to acquire Block 2011A offshore Namibia, which was executed on 19 September 2018.
- The Licence for Block 2011A, designated PEL 0094, was issued post the reporting period.
- Block 2011A is located in the Walvis basis, immediately to the east of the Company’s current Licence, PEL 0029, which comprises Blocks 1910B and 2010A.
- Global will hold an 85% interest in PEL 0094 as operator – State oil Company Namcor, and Namibian private company Aloe Investments, will have carried interests of 10% and 5% respectively.
- The combination of the two Licences gives Global an interest in an aggregate area of 11,608 sq kms offshore Namibia, which is one of the largest net acreage holdings in the region.
- During the reporting period the Company terminated the arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 0029. Although no farminee has been identified to date, the Company will continue to seek potential farm-in partners.
- Tullow Oil completed the well on its Cormorant prospect during the reporting period. Cormorant is located in Block 2012B to the south east of PEL 0094, and encountered hydrocarbons – Tullow noting that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target.
- Global infers that the failure to encounter hydrocarbons in commercial quantities was due to factors which are specific to the Cormorant stratigraphic prospect. Accordingly, Global believes the well result does not impact on the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic prospects.
- The Company also notes that both Cormorant, and the subsequent Chariot Prospect S well to the south (which was completed post the reporting period), were drilled more rapidly than expected, which has favourable implications for future well costs in the area.
- In Italy, the Company continued to work with its Italian legal advisors in relation to the appeals lodged against the Environmental Decrees covering the Company’s four exploration licence applications in the southern Adriatic, which are scheduled to be heard in Rome during October and November 2018.
Source: Global Petroleum