TIDMGBP
RNS Number : 8073B
Global Petroleum Ltd
15 January 2018
15 January 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Global Petroleum Limited
("Global" or "the Company")
Namibian Interests - Competent Person's Report
Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to
announce that the recently commissioned Competent Person's Report
("CPR") on its Namibian Blocks 1910B and 2010A (Licence PEL0029)
has now been completed by independent consultants AGR TRACS
International Ltd ("AGR TRACS").
Prospective resources have been calculated on three prospects:
Global's primary structure, Gemsbok, as well as Dik-Dik and Lion. A
total of 3.66 billion bbls of unrisked gross technical prospective
resources (Best Estimate) has been estimated in the Blocks. Global
holds a working interest of 85% and is operator for the
Licence.
Of particular note, the main Aptian Carbonate reservoir at
Gemsbok has been estimated to have Best Estimate unrisked gross
prospective resources of 1.1 billion barrels of oil with a
probability of success ("POS") of one in eight. The POS for the
deeper Syn-Rift section at Gemsbok and the Lion and Dik-Dik
prospects is lower than the main Carbonate resource at Gemsbok but
the oil resource numbers are significant.
Gemsbok, Lion and Dik-Dik are identified as dip-closed
structural traps, which the Company regards as particularly
compelling since previous large prospects identified by other
Namibian operators have mainly been stratigraphic in nature.
Oil seeps seen on satellite close to the mapped prospects and
work on source rock maturity based on the recent 2D seismic mapping
has further reduced the play risk, and it is expected that the POS
will increase further following the planned acquisition of 3D
seismic data.
Global's CEO, Peter Hill, commented: "We are delighted that AGR
TRACS has confirmed the high level of prospectivity which we have
identified on PEL0029 generally, and the Gemsbok prospect in
particular which contains unrisked Best Estimate prospective
resources of over a billion barrels. Following the Namibian
Ministry of Mines and Energy's agreement last year to extend Phase
2 of our Licence and assurance of subsequent entry into Phase 3, we
now have the time and flexibility to find the right partner to
progress further this exciting acreage."
AGR TRACS Prospective Resource Estimates for PEL0029 are
summarised in Table 1 below. The Prospective Resource Estimates
have been estimated using probabilistic methods.
Table 1
Oil & Liquids: Gross Technical Net Attributable
MMbbls Prospective Technical Prospective Risk
Gas: Bscf Resources Resources Factor
---------------- ---------------------------------- ---------------------------------- -------- ---------
Low Best High Low Best High POS
Prospect Estimate Estimate Estimate Estimate Estimate Estimate (%) Operator
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
OIL - MMbbls
-------------------------------------------------------------------------------------------------------------
Gemsbok
Main 318 1,091 2,581 270 927 2,194 12.3 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Gemsbok
Aeolian 66 330 1,296 56 281 1,102 5.4 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Gemsbok
Marine 63 323 945 53 275 803 8.8 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Lion North 104 291 743 88 247 631 7.5 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Lion South 290 823 2,105 247 700 1,789 7.5 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Dik-Dik 224 805 1,969* 190 685 1,674* 5.0 Global
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
TOTAL 1,065 3,663 9,639 904 3,115 8,193
---------------- ---------- ---------- ---------- ---------- ---------- ---------- -------- ---------
Source: AGR TRACS review
Note:
"Risk Factor" for Prospective Resources means the chance, or
probability, of discovering hydrocarbons in sufficient quantity for
them to be tested to the surface. This, then, is the chance or
probability of the Prospective Resources maturing into a Contingent
Resource. Where a prospect could contain either oil or gas the
hydrocarbon type with the higher probability of being discovered
has been listed in the table.
"Operator" is Global Petroleum Limited.
"Gross" are 100% of the resources attributable to the licence
whilst "Net Attributable" are those attributable to Global
"MMbbls" - million barrels.
"Bscf" - billion standard cubic feet, 6,000 scf/boe, "boe"
barrel of oil equivalent.
"Total...#" - implies totals have been derived by arithmetic
summation without any probabilistic addition.
* Excludes area outside Global licence. All the listed prospects
are located entirely within Global's licence, except approximately
21% of the Dik-Dik High Case.
Prospective Resources Cautionary Statement (in accordance with
ASX Listing Rules): The estimated quantities of petroleum that may
be recovered by the application of a future development project(s)
relate to undiscovered accumulations. These estimates have both an
associated risk of discovery and a risk of development. Further
exploration appraisal and evaluation is required to determine the
existence of a significant quantity of potentially moveable
hydrocarbons.
Competent Person - AGR TRACS
The CPR is dated 12 January 2018. AGR TRACS International Ltd is
an independent consultancy specialising in petroleum reservoir
evaluation and economic analysis. Except for the provision of
professional services on a fee basis, AGR TRACS International Ltd
does not have a commercial arrangement with any other person or
company involved in the interests that are the subject of this
report.
The project was managed and signed off by Mike Wynne (D. Phil.),
an AGR TRACS Manager. Dr. Wynne, a reservoir engineer and SPE
Member, has 30+ years' experience from the Africa, FSU, Middle
East, and NW Europe. AGR TRACS International Ltd has conducted
valuations for many energy companies and financial
institutions.
The information within this announcement which relates to
Prospective Resources for Global is based on, and fairly
represents, information and supporting documentation compiled by
Dr. Wynne.
Competent Person - Global
The technical information in this release has been reviewed by
Steve Davies, who is a qualified person for the purposes of the AIM
Guidance Note for Mining, Oil and Gas Companies.
Steve is a Geoscience Consultant with a Master's Degree from
Imperial College in Geophysics & Petroleum Geology and has 29
years' experience in the oil and gas industry.
For further information or for a copy of the full CPR, please
visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited
Peter Hill, Managing Director +44 (0) 20 7495
& CEO 6802
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
+44 (0) 20 7894
Sarah Wharry 7000
GMP FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Barney Hayward 3150
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
square kilometres located offshore Namibia in water depths ranging
from 1,300 metres to 3,000 metres (Figure 1). 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 square kilometres 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.
Figure 1: Map of Namibia showing Global Licence
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-ends-
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