Global Petroleum Limited says it has successfully renewed its Petroleum Exploration Licence (PEL) 94 in Namibia for the period 2024/2025.
The company is actively engaging in discussions with potential partners for PEL 94, located in the Walvis Basin.
The move aims to leverage the estimated 2,747 million barrels of oil (Unrisked Net Best Estimate (P50) Prospective Resources) identified on the licence.
“Following recent activity in the Walvis Basin, offshore Namibia, the Company has seen increased interest in the data room for PEL94 from various parties. As a result, Global has entered into early commercial discussions with a potential operating partner for a Farm-In agreement for its licence PEL94,” read a release by the company.
In addition to its focus on oil and gas exploration in Africa and the Mediterranean, Global Petroleum is exploring opportunities within the mineral resources sector.
The company is positioning itself as a multi-resource company with a diversified commodities portfolio to enhance shareholder value.
“The Company’s primary aim is to enhance shareholder value and in addition to oil and gas exploration prospects, Global is actively assessing opportunities across the mineral resources sector and positioning itself as a multi-resource company with a diversified commodities portfolio,” it said.
Global holds a 78% participating interest in Petroleum Exploration Licence (PEL) 0094 (Block 2011A) in the Walvis Basin, offshore Namibia.
This covers 5,798 square kilometres in water depths ranging from 450 metres to 1,550 metres. National oil company NAMCOR has a 17% carried interest and private company Aloe Investments Two Hundred and Two (PTY) Ltd has a 5% carried interest.
Global also previously held PEL 0029 from 2010 until its expiry in December 2020. Global Petroleum is the holding company of a group of companies incorporated in Australia.
