Global Petroleum Ltd in Australia has announced, in connection with its license PEL0094 (Block 2011A) off Namibia, that the Department of Mines and Energy has accepted Global’s proposal to enter the next sub-period of license from September 2021 to September 2022.
Under the petroleum agreement for PEL0094 signed in September 2018, the four-year Initial Exploration Period (IEP) was divided into two sub-periods of two years each, with the first sub-period ending in September. 2020, then extended to September 2021 with a reduced work program (see Global’s announcement of July 29, 2020).
Global further plans to apply for a one-year extension of the four-year IEP at the appropriate time – such extensions are usually granted by the ministry, for example in the case of the company’s previous license PEL0029.
The work commitment for the upcoming phase of the license is to acquire and process 2,000 km2 of 3D seismic data, a commitment that Global expects to meet through charter. These new 3D seismic data would increase the chances of success of the Marula prospect and confirm the prospective resources in the eastern part of the permit, which were announced on January 26, 2021.
Peter Hill, CEO of Global Petroleum, said: “We would like to thank the Ministry of Mines and Energy and are delighted to move on to the next licensing phase on PEL0094 and to advance work on what we believe to be. a very promising license. The next few months are clearly the most exciting time in several years for oil exploration off Namibia, notably with Total’s upcoming Venus well, followed by the Shell PEL 0039 well.