Global Petroleum’s subsidiary Jupiter Petroleum has agreed with the Namibian authorities a two year renewal for petroleum exploration licence 29, which covers two blocks, 1910B and 2010A, in the Walvis Basin offshore Namibia.
The company said that given prevailing market conditions, which are having a particularly negative impact on frontier exploration both in Africa and more generally, a revised minimum work programme which involves reprocessing of all existing 2D seismic lines. The reprocessed existing 2D data will be used to assist with the design and location of the new survey.
There is now no well commitment during the two year term of the renewal period.
Global has completed further modelling of the prospects which significantly upgraded the overall prospects for the acreage.
Jupiter remains operator with an 85% interest in the two blocks, with partners NAMCOR and Bronze Investments holding 10% and 5% respectively.
Global chief executive, Peter Hill, said: “We are pleased that we will be able to retain what we believe to be the more prospective half of our acreage, containing the most exciting prospects.”
“After initially disappointing drilling results, we believe there is renewed interest in exploration offshore Namibia with the possibility that major players may take positions in offshore acreage in the coming months.
“Following our recent work, we regard our own acreage as being amongst the most exciting in the country, and the new commercial terms announced today will enable us to progress exploration on the block without over-commitment. Accordingly we are very happy to have renewed our Licence on the revised terms.”