NAMIBIA: Searcher Geodata UK to Sponsor PEL 94 Environmental Impact Assessment

Global is pleased to announce that it has agreed with Searcher Geodata UK Ltd ,
to sponsor an Environmental Impact Assessment (EIA) to be managed by Searcher, ahead of a multi-client 3D seismic data survey planned by Searcher in the Walvis Basin in 2023. The area of the EIA sponsored by Global covers a large section of the Walvis Basin, extending well beyond the boundaries of Global’s Licence PEL 94.

As previously announced, Global is seeking a farm-in a partner to fund the further work
programme in PEL 94. The current commitment is the acquisition of 2,000 sq. kms of 3D
seismic data. To shoot 3D seismic would be particularly interesting in the eastern part of the block, where it is estimated there are leads with a total of over 2 billion barrels of gross best estimate (P50) prospective resources. These leads are currently defined by a 2D seismic data grid only.

The existing 3D seismic data coverage over the two prospects, Welwitschia Deep and Marula, has facilitated the calculation of gross best estimate (P50) prospective resources of 881 million barrels in total. Global regards Welwitschia Deep and Marula as drill ready, and if a farm-in partner were to agree with this assessment there would be the option, with the consent of the Namibian authorities, to proceed directly to drilling.

From a wider Namibian perspective, further exploration and appraisal drilling is planned by Shell and TotalEnergies commencing before the end of this year. According to reports, TotalEnergies will operate 2 wells, the first a re-entry/test of the original exploration well, Venus 1-X, the second an appraisal well, and Shell has contracted a 12 month drilling programme, extendable for 6 months.

Peter Hill, Global Petroleum’s CEO, commented:
“We are pleased to have agreed to sponsor the EIA Survey over a wide area of the Walvis
Basin. This follows on from all of the technical work which we have previously carried out and reported in our Licence area – our intention is to ensure that PEL 94 will be fully ready for the next stage of operations.”