Business
SEPTEMBER 2018 QUARTERLY REPORT
SEPTEMBER 2018 QUARTERLY REPORT.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 3943F Global Petroleum Ltd 29 October 2018 \n\n29 October 2018\n \nGlobal Petroleum Limited\n \nSEPTEMBER 2018 QUARTERLY REPORT\n \nThe Board of Global Petroleum Limited (\"Global\" or \"Company\") is pleased to present its Quarterly Report for the period ending 30 September 2018.\n \nSummary\n \n· The Company focused on securing a Petroleum Agreement to acquire Block 2011A offshore Namibia, which was executed on 19 September 2018. \n \n· The Licence for Block 2011A, designated PEL 0094, was issued post the reporting period. \n \n· Block 2011A is located in the Walvis basis, immediately to the east of the Company's current Licence, PEL 0029, which comprises Blocks 1910B and 2010A (see figure 1 below). \n \n· Global will hold an 85% interest in PEL 0094 as operator - State oil Company Namcor, and Namibian private company Aloe Investments, will have carried interests of 10% and 5% respectively. \n \n· The combination of the two Licences gives Global an interest in an aggregate area of 11,608 square kilometres offshore Namibia, which is one of the largest net acreage holdings in the region. \n \n· During the reporting period the Company terminated the arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 0029. Although no farminee has been identified to date, the Company will continue to seek potential farm-in partners.\n \n· Tullow Oil completed the well on its Cormorant prospect during the reporting period. Cormorant is located in Block 2012B to the south east of PEL 0094 (see Figure 1), and encountered hydrocarbons - Tullow noting that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target. \n \n· Global 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 on the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic ...