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Namibian Interests - Competent Person's Report
Namibian Interests - Competent Person's Report.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 8073B Global Petroleum Ltd 15 January 2018 \n\n15 January 2018\n \nThe 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 \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nNamibian Interests - Competent Person's Report\n \nGlobal Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce that the recently commissioned Competent Person's Report (\"CPR\") on its Namibian Blocks 1910B and 2010A (Licence PEL0029) has now been completed by independent consultants AGR TRACS International Ltd (\"AGR TRACS\").\n \nProspective 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 (Best Estimate) has been estimated in the Blocks. Global holds a working interest of 85% and is operator for the Licence.\n \nOf particular note, the main Aptian Carbonate reservoir at Gemsbok has been estimated to have Best Estimate unrisked gross prospective resources of 1.1 billion barrels 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.\n \nGemsbok, 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.\n \nOil 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.\n \nGlobal'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...