AIM-listed Global Petroleum has announced, in relation to its licence PEL0094 (Block 2011A) offshore Namibia, that the Ministry of Mines and Energy has agreed to Globals proposal to enter into the next licence sub-period from September 2021 to September 2022
Peter Hill, Global Petroleum's CEO, commented, “The next few months are clearly the most exciting period in several years for petroleum exploration offshore Namibia, notably with Total's upcoming Venus well, followed by the Shell well in PEL 0039.”
Under the terms of the petroleum agreement for PEL0094 signed in September 2018, the four-year initial exploration period (IEP) was split into two sub-periods of two years each, with the first sub-period ending in September 2020, subsequently extended to September 2021 with a reduced work programme.
Global further expects to apply for a one year extension to the four year IEP at the appropriate time - such extensions are commonly granted by the Ministry, for example in the case of the company's previous Licence PEL0029.
The work commitment for the upcoming phase of the licence is to acquire and process 2,000 sq km of 3D seismic data, a commitment which Global expects to fulfil via a farm-out. This new 3D seismic data would increase the chance of success of the Marula prospect and confirm the prospective resources in the eastern part of the licence, which were announced on 26 January 2021.
