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Namibian Licence PEL0029 - Work Commitment
Namibian Licence PEL0029 - Work Commitment.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 5005R Global Petroleum Ltd 01 March 2019 \n\n1 March 2019\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 Licence PEL0029 - Work Commitment\n \nGlobal announced (on 24 November 2017) an extension to the First Renewal Exploration Period (Phase 2) of 12 months to 3 December 2018 for Petroleum Exploration Licence 0029 (\"the Licence\") and entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. The Licence covers Blocks 1910B and 2010A, located in the Walvis Basin offshore Namibia. The Company is pleased to announce that it has now agreed a work commitment for Phase 3 with the Namibian Ministry of Mines and Energy (\"the Ministry\").\n \nThe firm additional work programme consists of various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset (AVO) analyses and extended elastic impedance (EEI) studies on seismic data. The financial commitment to undertake the firm additional work programme is US$350,000. In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D seismic data - contingent upon Global concluding a farmout - and the drilling of one exploration well.\n \nThe Ministry has also waived the requirement to surrender a further 25 per cent of the original Licence Area - which is normally required at the end of the First Renewal Period - 50 per cent had already been surrendered in accordance with the Petroleum Agreement at the end of the Initial Exploration Period (Phase 1).\n \nSignificant prospective resources have been calculated on three prospects and two leads in the Licence which were detailed in the Competent Person's Report released in January 2018. The Albian carbonates are the main reservoir for the three prospects, with the primary prospect, Gemsbok, also having prosp...