The Ministry of Mines and Energy in Namibia has agreed to extend Global Petroleum’s licence sub-period in connection with its licence PEL0094 (Block 2011A), offshore Namibia, and also to modify the work commitments.
Global holds a working interest of 78 per cent and is the operator of the PEL0094 licence.
The licence sub-period was extended from September 2020 to September 2021, Global Petroleum said on Wednesday.
Under the terms of the Petroleum Agreement for PEL0094 signed in September 2018, the four-year Initial Exploration Period was split into two sub-periods of two years each, with the first sub-period ending in September 2020.
The amendment to PEL0094 agreed by the Ministry gives Global a further year to fulfil a modified work commitment, after which Global may elect to enter the next licence sub-period in September 2021.
Global earlier in July detailed the updated prospective resources in both the Marula and Welwitschia Deep prospects in PEL0094 following interpretation of the 3D seismic data licensed earlier this year.
A total 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 net to Global.
The interpretation of the 3D seismic data has led to increased confidence in the two prospects previously identified, Marula and Welwitschia Deep.
Global explained on Wednesday that the modified work programme agreed with the Ministry concentrates on the licensing of existing seismic data and the carrying out of studies specifically designed to focus on these two exciting prospects.
Peter Hill , Global Petroleum’s CEO, commented: “We would like to thank the Ministry of Mines and Energy and are delighted to receive this extension to PEL0094, with the amended work programme which enables us to focus on the principal prospects in our acreage, further de-risked following our recent re-interpretation of the historic 3D seismic”.