By Staff reporter
WINDHOEK, March 28 — Global Petroleum Ltd. announced on Monday that it had raised its estimate of prospective resources for Namibian license PEL0094 after analyzing existing 3D seismic data more closely.
The AIM-listed energy firm said that the gross unrisked prospective resources for the Marula prospect, which is located within the license, had grown from 218 million barrels of oil to 411 million barrels of oil. Additionally, the company identified seven leads within the PEL0094 license area and combined with the Welwitschia Deep prospect, it now expects to extract a total of 3,522 million barrels of oil, an increase from the previous estimate of 3,329 million barrels.
The company also revealed that the estimated chance of success at Marula has risen from 22% to 29%, and the risked mean prospective resources attributable to Global Petroleum–which holds a 78% working interest in the license–currently stand at 93 million barrels, out of a new total of 326 million barrels for all the prospects and leads in the license.
Global Petroleum added that it is continuing its technical work, which includes interpreting newly acquired 2D seismic data, to further refine the geological model, and expects that the eastern part of PEL0094 will prove to be highly prospective.
Shares of the company were up 0.01 pence or 1.6%, trading at 0.32 pence as of 0725 GMT. – Namibia Daily News
