NAMIBIA: PEL0094 Prospective Resources Increase threefold in New Assessment

Global Resources has announced that the updated PEL0094 Prospective Resources (best estimate) has increased threefold increase compared with the previous estimate, and confirmed the Company’s view that the acreage is highly prospective. This then means the net to Global on an unrisked basis – for the main prospects Marula and Welwitschia Deep along with 7 new leads – totals 2,284 million barrels of oil.

Further, Global in August notified the Ministry of Mines and Energy of its intention to enter into the remaining one year of the PEL0094 Initial Exploration Period, expiring in September 2022. The commitment for this period is to shoot a 2,000 square kilometre 3D seismic data survey, which the Company intends to fund via farm-out.

Global also notified shareholders that its other Namibian licence, PEL0029, expired in December 2020, enabling Global to focus its technical efforts on PEL0094.