Global Petroleum announced that it has signed an petroleum agreement to acquire Block 2011A, located in the northern Walvis basin, offshore Namibia.
Global Petroleum will have an 85% stake in the new block as operator, National Petroleum Corporation of Namibia (Namcor) 10% stake and local private company, Aloe Investments Two Hundred and Two, 5% interest.
Block 2011A is located in the northern Walvis basin, east of the company’s current license, PEL0029, which consists of Blocks 1910B and 2010A.
The combination of the two licenses gives Global Petroleum an aggregate of 11,608km² offshore northern Namibia, making it one of the largest net acreage holders in the region.
The Welwitschia-1A well in the western part of Block 2011A, which is operated by Repsol, primarily targets Upper Cretaceous sands on the crest of a large structure but did not encounter a reservoir. However, Global Petroleum believes that there is significant prospectivity in the deeper Albian Carbonates, which Welwitschia-1A did not reach.
The company also believes that there is additional prospectivity in shallower Upper Cretaceous/Tertiary reservoirs on the eastern flank of the Welwitschia structure, which have been proven by wells to the north-east and south-east of Block 2011A.
Drilling on Tullow’s Cormorant prospect in Block 2012B began recently. The Cormorant well, ranked by Wood Mackenzie as one of the 15 most anticipated conventional wells in 2018, is located nearly 40km from Block 2011A and the Tullow block is contiguous with the south-east corner of Block 2011A.
In the south, Chariot’s Prospect S well is due to spud later in 2018.
In the first two years of the Initial Exploration Period under the Block 2011A work program, Global will carry out studies and reprocess existing seismic in the license area, including a 3D seismic data survey in the western part to map the reservoirs in the Welwitschia structure and elsewhere.
After two years, Global will have the option either to take up a new 2,000km² 3D seismic data survey in the eastern part of Block 2011A, or relinquish the license.
Block 2011A, adjacent and to the east of Global’s current License PEL0029, covers 5,798km² offshore northern Namibia in water depths ranging from 400 to 1,500 meters.