Global Petroleum has announced an updated estimate of Prospective Resources for its licence PEL0094, offshore Namibia. Global holds a working interest of 78 per cent in the Licence, and is operator.
As recently announced, the Company has been undertaking further technical interpretation on both its principal prospects, Marula and Welwitschia Deep, and the leads in the eastern part of the Licence .
Following further analyses of the existing 3D seismic data in PEL0094, the Unrisked Gross Prospective Resources for the Marula prospect have increased from 218 to 411 million barrels (Mean), an increase of 89% (see more detail below in the 'Further Background' section).
Together with the Welwitschia Deep prospect and the 7 leads so far identified in the Licence area, this gives a new total Unrisked Gross Prospective Resources (Mean) of 3,522 million barrels of oil for the Licence (previously 3,329 million barrels), an overall increase of 6%. On the basis of Global's working interest in the Licence, the Prospective Resources (Mean) Net Attributable to Global for Marula are now 321 million barrels (previous estimate: 170 million barrels), giving total Unrisked Net Prospective Resources (Mean) on the Licence of 2,747 million barrels (previously 2,596 million barrels), also an overall increase of 6%.
In addition, the estimated chance of success for the Marula prospect has been increased from 22% to 29%, so that Risked Mean Prospective Resources attributable to Global - at its working interest of 78% in the Licence - are now 93 million barrels for Marula out of a new total of 326 million barrels for all the prospects and leads in the Licence. This means that Marula represents 29% of the total.
Global's ongoing technical work (including the interpretation of newly purchased 2D seismic data) will refine the geological model further and is expected to vindicate the Company's view that the eastern part of PEL0094 is highly prospective. The Company will provide a further update once this work is completed.
Peter Hill, Global Petroleum's CEO, commented:
'As the initial conclusion from our further technical work, we are pleased to report the very significant increase in prospective resources - as well as the improved risking - for our primary prospect, Marula. This, together with the supporting technical detail, will now be communicated to potential farm-in partners.'
The Prospective Resources are detailed in Table A below and have been classified in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS), and have been estimated using a probabilistic method. They are based on 3D and 2D seismic data and geological information, including analogues, to which Global has access. The prospects are considered viable drilling targets. The leads require more data and/or evaluation before they can be considered viable drilling targets.
Table A: Estimates of gross attributable Prospective Resources and net attributable Prospective Resources in PEL0094. Global*** is operator of licence PEL0094
Source: Global Petroleum
