RE: Topped up30 Apr 2024 20:55
Global's view is that there is commonality of both source and reservoir between the Shell and TotalEnergies discoveries in the Orange Basin, and PEL 94. The Company believes that the Walvis Basin, where PEL 94 is situated, also has the potential to be extremely successful, but has the advantage of much shallower water depths generally than the discoveries in the south, leading to significantly lower drilling and development costs should operations proceed to this stage. Water depths are approximately 1,000 metres at both the Marula and WelwitschIA Deep prospects in PEL 94, against approximately 3,000 metres at Venus-1X.
The depth to drill from seabed to the expected prospect depth is around 1,500 metres in PEL 94 compared to over 3,000 metres at Venus -1X. The Company issued a Prospective Resources update on 27 March 2023 which communicated, in particular, that work on its principal prospect Marula saw Unrisked Gross Prospective Resources grow from 218 to 411 million barrels (Mean), an increase of 89%. Participating Interests in PEL94 Global is the operator of the licence and the participating interests are: 78% Global Petroleum Namibia Limited (100% owned subsidiary of Global Petroleum Limited) 17% National Petroleum Corporation of Namibia (Proprietary) Limited 5% Aloe Investments Two Hundred and Two (Pty) Ltd.