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Oilman Jim's Private Blog


Global Petroleum - New prospective resources estimate for PEL0094

Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce its estimate of prospective resources for PEL0094 (Block 2011A), offshore Namibia. Global holds a working interest of 85% and is operator of the licence.

A total of 964 million barrels of unrisked gross technical prospective resources (Best Estimate) has been estimated in PEL0094. Of particular note, the Albian carbonate reservoir at Welwitschia Deep has been estimated to have Best Estimate unrisked gross prospective resources of 772 million barrels of oil with a probability of success ("chance of geologic discovery") of 15%. The prospective resources relate to the Welwitschia Deep prospect in Table A and the Marula lead in Table B. They are detailed in the tables below, have been classified in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) and have been estimated using probabilistic methods.

The Prospective Resources are based on 2D seismic data and geological information, including analogues, to which Global has access at the current time. Global is confident that more prospects and leads will be identified once it has licensed and interpreted the remainder of the existing seismic data in PEL0094, both 2D and 3D, as well as tying in some of the analogous reservoirs in offset wells. In particular, the plays in the Upper Cretaceous/Paleocene sandstones and Albian carbonates are partially covered by the existing 3D seismic data. Further work may increase the geological chance of success of the prospective resources. Updated prospective resources and their associated geological chances of success will be calculated once work has been completed.

Peter Hill, Global Petroleum's CEO, commented: "Our technical work to date  on PEL0094 confirms that the acreage is highly prospective. We are delighted that our review of the data so far has confirmed the high level of prospectivity of  PEL0094 generally, and of the Welwitschia Deep prospect in particular , which contains unrisked Best Estimate prospective resources of nearly 800 million barrels. Specifically, our work suggests that the Welwitschia-1A well - drilled in 2014 by previous licensees - was abandoned before reaching the underlying Welwitschia Deep prospect. Moreover, the 2014 well was drilled to the west of the newly identified Marula lead, located in the Upper Cretaceous which was the primary target of Welwitschia-1A. These factors, together with the scale of the prospective resource numbers which we have released today, demonstrate that both Welwitschia Deep and Marula are very attractive targets."

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