Global holds a working interest of 78% and is operator.
A total of 881 million barrels of unrisked gross Prospective Resources (Best Estimate) has been estimated in PEL0094 in two prospects, of which 687 million barrels are net to Global. The Prospective Resources are based on the 3D and 2D seismic data and geological information, including analogues, to which Global has access.
As expected, the interpretation of the 3D seismic data has led to increased confidence in the two prospects previously identified, Marula and Welwitschia Deep.
The Marula prospect is a distal pinchout of Cretaceous sandstones onto the Welwitschia high. Global's interpretation of the 3D seismic data has revealed a significant amplitude anomaly whose down-dip edge conforms with structure, which has resulted in the geological chance of success of Marula being increased from 8% to 18%.
The Welwitschia Deep prospect has also been confirmed by interpretation of the 3D seismic data and the Albian carbonate reservoir has Best Estimate unrisked gross prospective resources of 671 million barrels of oil (523 million barrels net to Global) with a geological chance of success of 17%.
Further details can be found in the updated Corporate Presentation on
Prospective Resources Cautionary Statement (in accordance with AIM Listing Rules): the estimated quantities of petroleum that may be potentially recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
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