Namibia Update – Venus 1-X Discovery and Global’s Licence PEL 94
Global (AIM: GBP) notes the announcement by TotalEnergies on 24 February (“the Announcement”).
The Announcement states that the Venus 1-X deep-water exploration well has made a significant discovery of light oil with associated gas on the Venus prospect, located in block 2913B in the Orange Basin, offshore southern Namibia (“Venus discovery”), and that the Venus 1-X well encountered approximately 84 meters of net oil pay in a good quality Lower Cretaceous reservoir.
A link to the Announcement is provided here:
The Venus discovery is located in the Orange Basin offshore southern Namibia, whereas PEL 94 is situated in the northern Walvis Basin (see Figure 1 and further detail below). Global believes that the Venus discovery has very positive implications for the Company’s PEL 94 licence:
· Taken together with the recently announced drilling success in the Shell-operated Graff-1 well, the Venus discovery strongly reinforces the evidence of a new petroleum province in the Namibian offshore, which Global’s model predicts to extend to PEL 94.
· Both Marula – Global’s primary prospect in PEL 94 – and the Venus and Graff discoveries are stratigraphic traps with Cretaceous, deep-water sandstone reservoirs.
· The Venus discovery and Global’s prospects and leads in PEL 94 are interpreted by the Company to be sourced with oil from the Barremian-Aptian Kudu Shale (“Aptian source rock”). The Company’s work has previously demonstrated that the Aptian source rock is likely to be present and charging its prospects in PEL 94 with oil.
· A highly relevant factor is that water depths and subsurface drilling depths are significantly less in PEL 94 compared to those at Venus 1-X (and Graff-1). Global’s internal economic modelling concludes that the economics of its two primary prospects, Marula and Welwitschia Deep, would be robust in the event of successful exploration drilling.
Peter Hill, Global Petroleum’s CEO, commented:
“We would like to congratulate TotalEnergies and its partners on the drilling of the successful Venus 1-X well. Given the apparent scale of the Venus discovery outlined in TotalEnergies’ announcement, following closely on Shell’s Graff-1 success, there can be little doubt that we are witnessing the birth of a major new petroleum province, following these long-awaited finds of light oil offshore Namibia.
From Global’s perspective, we are highly encouraged by the apparent technical similarities between both the Venus and Graff discoveries and the prospectivity in our own licence, and we believe that we are well-positioned to benefit from what the Company expects to be a very strong boost to both investor and industry confidence in relation to Namibian offshore exploration generally.”
For further information please visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited
+44 (0) 20 3 875 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
