26th Jan 2021 11:43
Global Petroleum Ltd - oil and gas, upstream exploration company presently focused on Africa and the Mediterranean - Reports a very significant increase in prospective resources for PEL0094 in offshore Namibia after interpretation of recently licenced 2D seismic data. Global Petroleum hols a 78% working interest in PEL0094 and is operator. Best estimate net attributable prospective resources in PEL0094 now 2.28 billion barrels of oil, up from 687 million barrels net to Global Petroleum for the pre-existing Marula and Welwitschia Deep prospects alone.
Total unrisked best estimate prospective resources, gross and net to Global Petroleum, now more than three times the previous estimate thanks to new leads identified. On a risked basis, prospective resources have approximately doubled.
Global Petroleum Chief Executive Peter Hill: "As promised in December, we are pleased to report the identification of significant new leads in the eastern part of PEL0094, together with further de-risking of our principal prospect, Marula, and additional evidence of the presence of significant source. The identification of prospective resources on such a scale in the new leads is obviously a great boost to the overall prospectivity and attractiveness of the licence, which is very timely as we commence our farmout process."
Current stock price: 1.67 pence; up 11% on Tuesday
Year-to-date change: up 90%
By Anna Farley; [email protected]
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