RE: departure1 Sep 2021 10:48
The Company completed some time ago its work commitments under the current licence sub-period, which expires in September 2021. Having done so, the Company announced on 10 August 2021 that the Ministry of Mines and Energy ("Ministry") had agreed to Global's proposal to enter into the next licence sub-period, from September 2021 to September 2022. The work commitment for the next sub-period is to acquire and process 2,000 square kilometres of 3D seismic data, a commitment which Global expects to fulfil via a farmout.
The farmout process is currently underway. The wider context in offshore Namibia exploration is the drilling programme in Namibia's Orange Basin to be undertaken by the oil majors, Total (Venus-1 ) and Shell (PEL0039). Both wells are expected to spud in Q4 2021.