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New Prospective Resources estimate for PEL0094
New Prospective Resources estimate for PEL0094.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \n \n RNS Number : 4118T\n Global Petroleum Ltd\n 20 July 2020\n \n \n \n \n 20 July 2020\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 Global Petroleum Limited\n (\"Global\" or \"the Company\")\n \n New Prospective Resources estimate for Petroleum Exploration Licence 94 in Namibia\n \n Global Petroleum Limited (AIM: GBP) is pleased to announce its updated estimate of Prospective Resources for PEL0094 (Block 2011A), offshore Namibia, after interpretation of the 3D seismic data survey recently licensed from the Namibian State Oil Company, NAMCOR, which also holds a carried interest of 17% in the Licence. Global holds a working interest of 78% and is operator.\n \n A total of 881 million barrels of unrisked gross Prospective Resources (Best Estimate) has been estimated in PEL0094 in two prospects, of which 687 million barrels are net to Global. These are detailed in Table A 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. The Prospective Resources are based on the 3D and 2D seismic data and geological information, including analogues, to which Global has access.\n \n As expected, the interpretation of the 3D seismic data has led to increased confidence in the two prospects previously identified, Marula and Welwitschia Deep.\n \n The Marula prospect is a distal pinchout of Cretaceous sandstones onto the Welwitschia high. Global's interpretation of the 3D seismic data has revealed a significant amplitude anomaly whose down-dip edge conforms with structure, which has resulted in the geological chance of success of Marula being increased from 8% to 18%.\n \n The Welwitschia Deep prospect has also been confirmed by interpretation of the 3D seismic data and the Albian carbonate reservoir has Best Estimate unrisked gross prospective resources of 671 million barrels of oil (523 million barrels net to Global) with a geological chan...