LONDON (Alliance News) - Global Petroleum Limited Thursday said it has found a water wet sandstone oil reservoir in Murombe during its third quarter.
The Africa-focused oil and gas explorer said the Murombe well offshore Namibia intersected source rocks but failed to find any viable reservoir at its primary objective during the three months ended September 30.
The company said the well penetrated 36 metres of net sandstone reservoir in its second objective test and found the space to be water wet.
A water wet reservoir is coated with a thin film of water which is more efficient for transport but can be difficult to retrieve.
The company said that based on the findings, coupled with findings at its Wingat site earlier this year, it has decided to re-launch the farmout of its Namibian project.
Global petroleum shares were up 2.1% to 5.49 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Global Petroleum (GBP)