Australian-based Global Petroleum says it has entered early commercial discussions to secure a farm-in agreement with an undisclosed potential operating partner for its petroleum exploration licence (PEL) 94.
According to the AIM-listed upstream oil and gas exploration company’s website, the license covers 5,798 square kilometres in Block 2011A, situated in Namibia’s Walvis Basin, at water depths ranging from 450 to 1,550 metres.
“Global has 78% and is the operator of the license. Block 2011A covers 5,798 square kilometres in water depths ranging from 450 metres to 1,550 metres,” it read.
The firm reported a rise in interest in PEL 94 data, attributed to the growing offshore exploration activity in Namibia, including Chevron’s recent acquisition of an 80% operated interest in nearby PEL 82.
Global Petroleum believes the farm-in agreement, if successfully concluded, could be “transformational” for the company, enabling the development of an estimated 2,747 million barrels of unrisked net best estimate (P50) prospective oil resources.
“Global was encouraged enough to apply for Block 2011A to the east, where similar plays are seen in the Welwitschia Deep structure, as well as other plays, which have been demonstrated elsewhere in the Walvis Basin,” it read.
Global is currently renewing the annual license rental for 2024/2025, marking the second year of the licence’s first renewal period.
The company also held a formal meeting with Namibia’s Ministry of Mines and Energy in Windhoek to discuss its plans, emphasising its commitment to enhancing shareholder value.
Namibia’s state-owned NAMCOR holds a 17% carried interest in the license, while Aloe Investments Two Hundred and Two has a 5% carried interest.
The Walvis Basin, described by Global as under-explored with only eight wells drilled to date, offers significant potential.
The firm highlighted the HRT-operated Wingat-1 well, which successfully recovered liquid hydrocarbons, confirming the presence of a working petroleum system in the basin.
Global has mapped 3D and 2D seismic data across PEL 94, verifying the presence of source rock and a robust portfolio of prospects and leads.
“Global has mapped 3D and 2D seismic across the basin and across this license and confirmed that the source rock is present and is able to charge oil into the significant portfolio of prospects and leads,” the company reported.
In addition to its oil and gas activities, Global Petroleum is assessing opportunities in the mineral resources sector to diversify its portfolio.
The company’s long-term objective is to position itself as a multi-resource player while advancing its exploration efforts in Namibia.
Further due diligence and negotiations are expected to determine whether a mutually beneficial farm-in agreement can be reached.