Global Petroleum announced that it has received an approval from Namibia’s Ministry of Mines and Energy to enter into the next phase of its exploration license 94 in block 2011A, a press release issued by the company stated.
The statement elaborated that the next license sub-period will start from September 2021 to September 2022.
According to the terms of the agreement signed in September 2018, the four initial exploration period (IEP) was divided into to two sub-periods of two years each.
The first sub-period was ended in September 2020 and it was extended to September 2021 with reduced work program. The company expects that it would add the one-year extension to the four-year IEP.
The next phase work will include acquiring and processing 2,000 km square of 3D seismic data ,which would increase the chance of Marula prospect success as well as confirm the potentials in the eastern part of the license.
Peter Hill, Global Petroleum’s CEO, commented: “We would like to thank the Ministry of Mines and Energy and are delighted to move into the next license phase on PEL0094, and to progressing work on what we believe is a highly prospective license.
“The next few months are clearly the most exciting period in several years for petroleum exploration offshore Namibia, notably with Total’s upcoming Venus well, followed by the Shell well in PEL 0039,” he added.