Global Petroleum (GBP) , the oil and gas, upstream exploration firm focused presently on Africa and the Mediterranean, announced on Tuesday its estimate of prospective resources for its PEL0094 licence in offshore Namibia.
A total of 964 million barrels of unrisked gross technical prospective resources has been estimated at the PEL0094 licence which Global Petroleum, as the operator of the site, holds a working interest of 85%.
Most significantly, the Albian carbonate reservoir at Welwitschia Deep has been estimated to have Best Estimate unrisked gross prospective resources of 772 million barrels of oil with a 15% probability of success.
"Our technical work to date on PEL0094 confirms that the acreage is highly prospective,” said Peter Hill, Global’s CEO.
Shares in Global Petroleum soared over 31% following this morning’s news.
The prospective resources are based on 2D seismic data and geological information which Global Petroleum has access to.The group say they remain confident that more prospects and leads will be identified when more seismic data is gathered.
“Specifically, our work suggests that the Welwitschia-1A well - drilled in 2014 by previous licensees - was abandoned before reaching the underlying Welwitschia Deep prospect.
Moreover, the 2014 well was drilled to the west of the newly identified Marula lead, located in the Upper Cretaceous which was the primary target of Welwitschia-1A.
These factors, together with the scale of the prospective resource numbers which we have released today, demonstrate that both Welwitschia Deep and Marula are very attractive targets,” added Mr Hill.
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