Global Petroleum has announced that, following its recent notification of the publication of the Competent Person's Report ('CPR') by AGR TRACS on its Namibian Blocks 1910B and 2010A (Licence PEL0029), the Company will shortly commence a structured farmout process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the Licence, and is Operator.
Global has also announced that it has appointed Stellar Energy Advisors to advise the Company in relation to the farmout.
Global's CEO, Peter Hill, commented:
'Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farmout process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. We also regard Stellar as the advisor best placed to assist us in the farmout, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country'.
About Global's Namibian Interests
Global holds an 85% participating interest in the Licence, which was originally issued on 3 December 2010 and then covered 11,730 sq kms located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres. In December 2015, the Company entered into Phase 2, making a mandatory relinquishment of 50% of the Licence Area. Phase 2 was for a duration of 24 months. The Minimum Work Programme for the one year extension (to December 2018) of Phase 2 is the acquisition of 600 sq kms of 3D seismic data, contingent upon Global concluding a farm-out agreement with a third party to fund the acquisition of the 3D data. If the 3D acquisition is not completed during the Phase 2 extension period, it may be carried over into Phase 3. During Phase 3, the commitment is to drill one well (depth and location to be agreed) unless the Ministry and Global agree that circumstances dictate otherwise.
Global has also announced that it has appointed Stellar Energy Advisors to advise the Company in relation to the farmout.
Global's CEO, Peter Hill, commented:
'Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farmout process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. We also regard Stellar as the advisor best placed to assist us in the farmout, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country'.
About Global's Namibian Interests
Global holds an 85% participating interest in the Licence, which was originally issued on 3 December 2010 and then covered 11,730 sq kms located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres. In December 2015, the Company entered into Phase 2, making a mandatory relinquishment of 50% of the Licence Area. Phase 2 was for a duration of 24 months. The Minimum Work Programme for the one year extension (to December 2018) of Phase 2 is the acquisition of 600 sq kms of 3D seismic data, contingent upon Global concluding a farm-out agreement with a third party to fund the acquisition of the 3D data. If the 3D acquisition is not completed during the Phase 2 extension period, it may be carried over into Phase 3. During Phase 3, the commitment is to drill one well (depth and location to be agreed) unless the Ministry and Global agree that circumstances dictate otherwise.