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(Alliance News) - Shares in Global Petroleum Ltd jumped on Tuesday as the firm said work done off the coast of Namibia suggests the PEL0094 licence is "very attractive".
Shares were 20% higher on Tuesday morning in London at 1.74 pence each.
Anglo-Australian Global Petroleum has unveiled a best estimate prospective resource at the licence of 964 million barrels. Within that, the Albian carbonate reservoir at Welwitschia Deep is estimated at 772 million barrels with a probability of success of 15%.
These resources are based on 2D seismic data as well as other geological information Global Petroleum has access to. It is "confident" more prospects will be found when more data is gathered.
"Our technical work to date on PEL0094 confirms the acreage is highly prospective. We are delighted our review of the data so far has confirmed the high level of prospectivity of PEL0094 generally, and of the Welwitschia Deep prospect in particular, which contains unrisked best estimate prospective resources of nearly 800 million barrels," said Chief Executive Peter Hill.
"Specifically, our work suggests 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 Hill.
By George Collard; georgecollard@alliancenews.com
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