Global Petroleum invests in search for oil

Jo-Maré Duddy – Global Petroleum Ltd, listed on the London and Australian Stock Exchanges, has widened it footprint in the country by acquiring an 85% interest in oil exploration Block 2011A offshore Namibia.In a statement released on Wednesday, Global Petroleum said it signed a petroleum agreement as operator in Block 2011A. State-owned Namcor has a stake of 10% in the block, while Aloe, a privately owned Namibian company, has the remaining 15%.“It is clear that oil and gas industry interest in offshore Namibia has accelerated greatly in recent months and we are therefore extremely pleased to have succeeded in what has been a long-term aim for the company - acquiring Block 2011A adjacent to our existing acreage,” said Peter Hill, chief executive officer of Global Petroleum.InterestsGlobal Petroleum already has an 85% participating interest in a petroleum license which covers offshore blocks 1910B and 2010A offshore Namibia. The company acquired these assets from Jupiter Petroleum (Namibia) in November 2011. Namcor has a 10% carried interest and a private company, Bronze Investments Namibia, has a 5% free carry.The company said the combination of the two licences for blocks 2011A, 1910B and 2010A gives Global an aggregate of 11 608 square kilometres offshore northern Namibia and makes it one of the largest net acreage holders in the region. “Block 2011A is situated in an area of offshore Namibia which is considered by Global and the industry to be highly prospective, as evidenced by recent farm-ins involving major national oil companies and international oil companies, and especially by the Cormorant well currently drilling close by,” Hill said.TullowGlobal Petroleum referred to drilling on Tullow’s Cormorant prospect in Block 2012B which recently commenced. “The Cormorant well is approximately 40 kilometres from Block 2011A and the Tullow block is contiguous with the south-east corner of Block 2011A. Cormorant is ranked by Wood Mackenzie as one of the ‘15 most anticipated conventional wells in 2018’’. “Aside from the wider prospectivity of its new acreage, the company [Global Petroleum] expects that the play to be tested by the Cormorant well extends into Block 2011A, and so positive results from Cormorant should provide Global with significant read across. Further south, Chariot’s Prospect S well is due to spud later in the year where a successful outcome should further enhance the oil and gas industry’s focus on offshore Namibia,” the company said.ProgrammeUnder the Block 2011A work programme, in the first two years of the initial exploration period, Global Petroleum will carry out various studies and will reprocess all existing seismic in the licence area, which includes a 3D seismic data survey shot in the western part. The studies and reprocessing will enable the reservoirs in the Welwitschia structure and elsewhere in the acreage to be mapped with more confidence, and the leads to be identified more accurately, the company said.Global Petroleum said at the end of two years, it has the option either to shoot a new 2 000 square kilometre 3D seismic data survey in the eastern part of Block 2011A, or alternatively to relinquish the licence.

Global Petroleum invests in search for oil

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Republikein 2026-09-21

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Global Petroleum invests in search for oil

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Republikein 2026-09-21

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