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Response to Result of Cormorant Well in Namibia
Response to Result of Cormorant Well in Namibia.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 6044C Global Petroleum Ltd 02 October 2018 \n\n2 October 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 \nResponse to Result of Cormorant Well in Namibia\n \nGlobal Petroleum Limited (AIM: GBP, ASX: GBP) notes the result of the exploration well drilled by Tullow Oil plc on its Cormorant prospect in Block 2012B offshore Namibia. As well as Block 2011A, for which the Company announced signature of a Petroleum Agreement on 19 September 2018 and which is contiguous to the north west with Block 2012B, Global holds Blocks 1910B and 2010A close by (see Figure 1). \n \nAlthough the Cormorant well was plugged and abandoned as non-commercial, Global is encouraged that the Operator stated that hydrocarbons were encountered. Tullow noted that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target.\n \nGlobal therefore infers that the failure to encounter hydrocarbons in commercial quantities was due to factors which are specific to the Cormorant stratigraphic prospect. Accordingly, Global believes the well result does not impact the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic prospects.\n \nPrevious evidence of a functioning hydrocarbon system in the frontier Walvis Basin was from the Wingat well of 2013, which recovered oil to surface. Cormorant is 170 kilometres to the north of Wingat and proves a working source rock adjacent to Global's acreage - this is highly encouraging, especially given other indications of the presence of hydrocarbons in the Company's blocks.\n \nThe Company particularly notes that the Cormorant well was drilled much more rapidly than prognosed, which clearly has favourable implications for future well costs in the area. The rig which drilled the Cormorant well has now moved further south to drill Chariot's Prospect S well and the results of this w...