Australian-based Global Petroleum, an AIM-listed upstream oil and gas exploration company, is in early commercial discussions to secure a farm-in agreement with an undisclosed potential operating partner for its Petroleum Exploration License (PEL) 94 in Block 2011A, located in Namibia’s Walvis Basin.
With increased offshore exploration activity in Namibia, particularly in the Walvis Basin—where Chevron recently acquired an 80% operated interest in PEL 82—Global Petroleum has reported heightened interest in the PEL 94 data.
The license spans 5,798 square kilometers in water depths of 450 to 1,550 meters and boasts unrisked net best estimate (P50) prospective resources of approximately 2,747 million barrels of oil.
Namibia’s state-owned NAMCOR holds a 17% carried interest in PEL 94, while private entity Aloe Investments Two Hundred and Two retains a 5% carried interest.
Global Petroleum views the potential farm-in as a transformative opportunity, anticipating that a strategic partner could facilitate the exploitation of the license’s significant resources.
The company has renewed the annual license rental for the 2024/2025 period, entering the second year of the first renewal phase in September 2024.
Global recently presented its plans to the Namibian Ministry of Mines and Energy in Windhoek, emphasizing its commitment to shareholder value.
Beyond oil and gas, the company is exploring opportunities in the broader mineral resources sector to position itself as a multi-resource entity with a diversified portfolio.
The Walvis Basin remains underexplored, with only eight wells drilled to date by operators such as Norsk Hydro, Sasol, Ranger, HRT, Repsol, Tullow, and Chariot.
Notably, the HRT-operated Wingat-1 well confirmed the presence of liquid hydrocarbons in the basin, demonstrating that a source rock has successfully charged oil into a trap.
Global Petroleum has mapped extensive 3D and 2D seismic data across the basin, further confirming the presence of source rocks capable of generating oil.
Drawing on its prior experience with PEL 29, where all work commitments were completed, the company plans to apply for new licenses in the future.
The Namibian Ministry of Mines and Energy recently extended the initial exploration period for Tower Resources’ PEL 96 license in the Walvis Basin until October 31, 2024, with an invitation to apply for a further two-to-three-year extension.
Tower Resources holds an 80% operated interest in PEL 96, covering 23,297 km² across the northern Walvis Basin and Dolphin Graben offshore Namibia.
With its strategic focus and rising interest in Namibian offshore exploration, Global Petroleum is well-positioned to capitalize on the untapped potential of the Walvis Basin, fostering further development in the region.
