Global Petroleum secures historic data for Namibia licence

Global Petroleum updated the market on licence PEL0094, block 2011A in Namibia on Thursday, reporting that it recently purchased historic 2D seismic data in order to improve interpretation of the Marula prospect in the western part of the block.

The AIM-traded firm said it had also acquired 2D seismic data over the “relatively underexplored“ eastern part of the block.

It said it expected the interpretation of the data to “significantly” enhance the prospectivity it had already identified in this area.

“Interpretation of both sets of data is underway, following which the company will update its previous prospective resources estimate for PEL0094, published on 20 July,” the board said in its statement.

“Preparations are also underway for a farmout process which will be launched once the seismic interpretation is complete.”

On its other Namibian licence, PEL0029, blocks 1910B and 2010A, Global said the licence expired under its terms on 3 December, with further extensions not being permitted under Namibian petroleum exploration law.

“The company has completed its outstanding licence work programme commitments under budget,” the board said.

“It is the company's current intention to apply for a new licence in due course.”

At 1137 GMT, shares in Global Petroleum were down 2.04% at 0.72p.