Business
Increase in Prospective Resources estimate
Increase in Prospective Resources estimate.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n 27\n March 2023\n \n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n Global Petroleum Limited\n \n \n \n (\"Global\" or \"the Company\")\n \n \n \n \n \n \n Increase in Prospective Resources estimate for the Marula prospect in Namibian Licence PEL0094 \n \n \n \n \n \n \n \n \n Global Petroleum Limited (AIM: GBP) is pleased to announce an updated estimate of Prospective Resources for its licence PEL0094 (\"Licence\"), offshore Namibia. Global holds a working interest of 78 per cent in the Licence, and is operator.\n \n \n \n \n \n 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 .\n \n \n 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).\n \n \n \n \n \n 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 (\"barrels\") 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%. \n \n \n \n \n \n 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% i...