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Global Petroleum Limited announces completion of the Competent Person's Report on its Namibian interests

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Oilfield Technology,

Global Petroleum Limited has announced that the recently commissioned Competent Person’s Report (CPR) on its Namibian Blocks 1910B and 2010A has now been completed by independent consultants AGR TRACS International Ltd.

Prospective resources have been calculated on three prospects: Global’s primary structure, Gemsbok, as well as Dik-Dik and Lion. A total of 3.66 billion bbls of unrisked gross technical prospective resources has been estimated in the Blocks. Global holds a working interest of 85% and is operator for the licence.

Of particular note, the main Aptian Carbonate reservoir at Gemsbok has been estimated to have best estimate unrisked gross prospective resources of 1.1 billion bbls of oil with a probability of success (POS) of one in eight. The POS for the deeper Syn-Rift section at Gemsbok and the Lion and Dik-Dik prospects is lower than the main Carbonate resource at Gemsbok but the oil resource numbers are significant.

Gemsbok, Lion and Dik-Dik are identified as dip-closed structural traps, which the company regards as particularly compelling since previous large prospects identified by other Namibian operators have mainly been stratigraphic in nature.

Oil seeps seen on satellite close to the mapped prospects and work on source rock maturity based on the recent 2D seismic mapping has further reduced the play risk, and it is expected that the POS will increase further following the planned acquisition of 3D seismic data.

Global’s CEO, Peter Hill, commented: “We are delighted that AGR TRACS has confirmed the high level of prospectivity which we have identified on PEL0029 generally, and the Gemsbok prospect in particular which contains unrisked best estimate prospective resources of over a billion barrels. Following the Namibian Ministry of Mines and Energy’s agreement last year to extend Phase 2 of our licence and assurance of subsequent entry into Phase 3, we now have the time and flexibility to find the right partner to progress further this exciting acreage.”

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