Global Petroleum reports increased oil quantity estimate at Namibian prospects

 


Global Petroleum, which operates the petroleum exploration licence 0094 on the Orange Basin offshore block 2011A in Namibia, reported increased estimated quantities of petroleum for the Marula and Welwitschia Deep prospects.

The AIM-listed company said the Marula prospect could now hold 411 million barrels of oil compared to the previous estimate of 218 million - an 89% increase.

In a statement on March 27, Global Petroleum said the estimated chance of success for the Marula prospect increased from 22% to 29%.

The company further said the new total for the estimated oil quantities, including the Welwitschia Deep prospect and the seven other leads identified so far, is 3 522 million barrels compared to 3 329 million barrels - a 6% increase. 

Global Petroleum, through its subsidiary Global Petroleum Namibia Limited, has 78% participating interests in 0094, National Petroleum Corporation of Namibia has 17%, and Aloe Investments Two Hundred and Two holds 5%.

As the majority shareholder, Global’s working interest for Marula is now 321 million barrels - up from the previous estimate of 170 million - while the net is 2,747 million barrels, up from 2,596 million barrels.

Global Petroleum CEO Peter Hill said as the initial conclusion from their further technical work, they were pleased to report the very significant increase in prospective resources - as well as the improved risking - for the primary prospect, Marula. 

"This, together with the supporting technical detail, will now be communicated to potential farm-in partners,” Hill said.

By acquiring Jupiter Petroleum in August 2011, Global secured a portfolio of interests in under-explored blocks in highly prospective offshore basins in Sub-Saharan Africa.

The offshore waters of West Africa have seen a significant increase in exploration activity in recent years. 

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