Walvis Basin, Namibia



Licence No.


Size/water depth


Walvis Basin


1910B (offshore)

2010A (offshore)

5,810 sq. km /

1,200–1,500 metres

Global Petroleum Namibia Limited 85% (operator)

10% (carried interest)

Bronze Investments Namibia
5% (carried interest)

Walvis Basin



5,798 sq. km / 

500-1,500 metres

Global Petroleum Namibia Limited 85% (operator)

NAMCOR 10% (carried interest)

Aloe Investments Two Hundred and Two (PTY) Ltd 5% (carried interest)



Current Status

Licence PEL0094: Block 2011A

This was originally granted to Global Petroleum Namibia Limited, a 100% subsidiary of Global Petroleum Limited, in September 2018. The other licence partners are Aloe Investments Two Hundred and Two (PTY) Ltd and NAMCOR, the Namibian State oil company. Block 2011A covers 5,798 square kilometres in water depths ranging from 500 metres to 1,500 metres. The licence has an initial exploration period of 4 years from date of award, split into two 2-year sub-periods, followed by two optional two-year renewal periods. The minimum work programme and minimum exploration expenditures for each period are summarised below:

Initial Exploration Period, sub-period 1 (2 years): Undertake geological, geochemical and geophysical studies, licence and re-process available seismic data. The minimum expenditure should be at least US$1.3 million

Initial Exploration Period, sub-period 2 (2 years): Acquire and process a minimum of 2,000 square kilometres of 3D seismic data in the Eastern Area of the Block. The minimum expenditure should be at least US$4 million


Licence PEL0029: Blocks 1910B and 2010A

This was originally granted to Jupiter Petroleum (Namibia) Ltd, a 100% subsidiary of Global Petroleum Limited, on 3rd December 2010 (the entity has since been re-named Global Petroleum Namibia Limited). The other licence partners are Bronze Investments Pty Ltd and NAMCOR. The licence had an initial exploration period of 4 years from date of award, followed by two optional two-year renewal periods. The initial 4-year period was extended for one year to December 2015, after which there was a 50% relinquishment in accordance with the Licence terms, resulting in the current licence area of 5,810 km². The Namibian authorities have recently agreed a one-year extension to the First Renewal Period, which now runs to December 2018, at which time there would also normally be a further 25% relinquishment. The minimum work programme and minimum exploration expenditures for each period are summarised below:

Initial Exploration Period (4 years, extended by one year to December 2015): Full evaluation of all available materials and geological, geochemical and geophysical studies, purchase of all available seismic data, and the acquisition, processing and interpretation of not less than 1,000km of 2D seismic data. The minimum expenditure should be at least US$1.0mln; minimum US$150,000 for studies and US$850,000 for 2D seismic data. The minimum work programme for the 1-year extension was extra mapping on the 2D seismic data, inversion of the gravity/magnetic data and maturity mapping with a minimum financial expenditure of US$0.25mln.

First Renewal Exploration Period (2 years): Minimum work programme revised to reprocessing of all 2D seismic lines in the retained area and the acquisition of 800km of long-offset 2D seismic data. This licence period was scheduled to end 3rd December 2017. Subsequently a 1-year extension of the First Renewal Period to 3rd December 2018 was agreed with the Ministry, with entry into the Second Renewal Period at that point in time. The minimum work programme for the 1-year extension is the acquisition of 600km² of 3D seismic data, contingent on Global Petroleum finding a farm-in partner to fund the 3D seismic survey. If the acquisition of the 3D seismic survey is not completed during the 1-year extension, then it can be carried over into the Second Renewal Exploration Period.

Second Renewal Exploration Period (2 years): Global announced (on 24 November 2017) an extension to the First Renewal Exploration Period (Phase 2) of 12 months to 3 December 2018 for Petroleum Exploration Licence 0029 and entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. The Licence covers Blocks 1910B and 2010A, located in the Walvis Basin offshore Namibia. The Company is pleased to announce that it has now agreed a work commitment for Phase 3 with the Namibian Ministry of Mines and Energy.

The firm additional work programme consists of various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset (AVO) analyses and extended elastic impedance (EEI) studies on seismic data. The financial commitment to undertake the firm additional work programme is US$350,000. In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D seismic data - contingent upon Global concluding a farmout - and the drilling of one exploration well.

The Ministry has also waived the requirement to surrender a further 25 per cent of the original Licence Area - which is normally required at the end of the First Renewal Period - 50 per cent had already been surrendered in accordance with the Petroleum Agreement at the end of the Initial Exploration Period (Phase 1).

The Walvis Basin

The Namibian Offshore area is under-explored with fewer than 20 wells drilled over a wide area. Some of these wells have encountered hydrocarbon shows notably Wingat-1, which recovered oil to surface, but to date no commercial oil volumes have been discovered.

The Welwitschia-1A well, drilled by Repsol in 2014, is the only oil and gas well to have been drilled to date within the area of the two licences. This well was primarily targeting Upper Cretaceous sands on the crest of a large structure and encountered no reservoirs. Global believes that there is significant prospectivity in the deeper Albian-Apian carbonates, which this well did not reach, and, additionally, in Upper Cretaceous reservoirs on the eastern flank of the Welwitschia structure. Wells which have encountered one or other of these reservoirs are 50 to 100 km away, e.g. 1911/10-1 and 1911/15-1 to the NE and 2012/13-1 to the SE. Drilling in 2018 included Tullow’s Cormorant-1 well about 50km to the SE of Block 2011A, which confirmed the presence of Albian deep water sandstones, and Chariot’s Prospect S (2312/7-1) just over 300km to the south, which encountered high quality Upper Cretaceous sandstones.

All the necessary play elements for an oil discovery are found to be present in the Namibian offshore: a world- class quality, Aptian-aged, source rock and reservoirs in the Barremian, Albian and Upper Cretaceous/Lower Paleocene, all of which have proven seals associated with them.

Rich, oil-prone, Aptian-Barremian source rocks are present in Wingat-1, Murombe-1, Moosehead-1, Kabeljou-1 and at Kudu, where it has sourced significant volumes (multiple tcfs) of gas. In addition to the oil at Wingat-1, trace oil was extracted from core in the Albian carbonate reservoir at 1911/15-1, migrant oil was sampled from Upper Cretaceous sandstones at 2012/13-1 and slicks detected by satellite have been noted to the north of the Gemsbok prospect in PEL0029. In PEL0094 a survey sampled gas from seabed cores, which was interpreted by the contractor to be at least partly generated from a deeply buried source rock. This suggests that, of the oil and gas generated by the Aptian source rock, some of the gas has leaked up through a large fault imaged on the seismic data that underlies these cores, whereas the oil has been trapped in the sub-surface. Also visible on the seismic in PEL0094 is a very large area of probable shallow gas above the aforementioned large fault and, whilst this will never be a commercial accumulation, it does, with the evidence of gas from the seabed cores, indicate a working source rock within PEL0094.


Albian-Aptian, shallow marine carbonate reservoirs, the main targets at Gemsbok, Lion, Dik Dik and Welwitschia Deep, are present in the wells 1811/05-1 (Tapir South-1), 1911/15-1 and 1911/10-1, where the reservoir quality is good. This reservoir is mapped in large, dip and fault-closed structural traps in Global’s prospects. In the western part of PEL94 the Welwitschia Deep prospect is already covered by 3D seismic data, which Global will reprocess to enable interpretation of more detail on the reservoir, refine trap definition and allow detailed prospective resource numbers to be calculated.

Further into the basinal areas the Albian is expected to be composed mainly of deep water mudstones and sandstones, which were proven as a new play type by Tullow’s Cormorant-1 well. Our model is that the play extends into the SE corner of PEL0094 and east of here in PEL0030 a well may be drilled by 2020, probably targeting Albian sandstones in the Osprey prospect.

Global expects Upper Cretaceous dip-closed traps, amongst others, in PEL0094 and has mapped the Choje stratigraphic lead in PEL0029. Upper Cretaceous and Lower Paleocene sandstones have been intersected in a number of wells offshore Namibia, including nearby wells 2012/13-1, 1911/15-1 and 1911/10-1. The reservoir quality is good and at 2012/13-1, to the SE of Block 2011A, migrant oil was sampled from these sandstones.

Following the integration of the 2017 2D seismic data in licence PEL0029, Global completed a mapping exercise across the acreage identifying prospects and leads at several levels. A total of 3 prospects (Gemsbok, Lion and Dik-Dik) and 2 leads (Choje and Pangolin) were identified. Albian-Aptian carbonate reservoirs are mapped in Gemsbok, Lion and Dik-Dik, while at Gemsbok there are also deeper targets, with both aeolian and marine reservoirs interpreted. Of the two leads, Choje is of particular interest as it is interpreted as a large, on-lapping upper Cretaceous fan on the eastern flank of the Gemsbok high and so consequently adds another potential level of prospectivity to the greater Gemsbok prospect area.

A summary of the play types in PEL0029 and PEL0094 are shown in the figure below.


Global holds an 85% participating interest in two Petroleum Exploration Licences (PELs) in the Walvis Basin, offshore NW Namibia. PEL0029, which covers 5,810 square kilometres in water depths ranging from 1,200 metres to 3,000 metres, comprises Blocks 1910B and 2010A and has been held since 2011. Immediately to the east is the second licence, which was signed in September 2018. Block 2011A covers 5,798 square kilometres in water depths ranging from 500 metres to 1,500 metres. State Oil Company NAMCOR has a 10% carried interest in both licences and private companies, Bronze Investments PTY Limited and Aloe Investments Two Hundred and Two (PTY) Ltd have a 5% carry in licences PEL0029 and Block 2011A respectively.

The entire Walvis basin is significantly under-explored although the wells drilled to date have encountered multiple source rock and reservoir intervals and, in a number of cases, hydrocarbon shows. Only seven wells have been drilled to date – by Norsk Hydro, Sasol, Ranger, HRT and, most recently in 2014, by Repsol. Of the wells drilled in the Walvis Basin, Global regards the HRT operated Wingat-1 well as being the most significant in that liquid hydrocarbons were recovered from the Aptian interval, thus establishing for the first time that a source rock has charged oil into a trap in the Walvis basin.

In 2017 Global completed an infill 2D seismic program of 840 km across PEL0029 with particular focus on the primary prospect Gemsbok. The subsequent interpretation confirmed 3 prospective, very large, fault and dip-closed structures: Gemsbok, Lion and Dik-Dik. Global was encouraged enough to apply for Block 2011A to the east where similar plays are seen in the Welwitschia Deep structure, as well as other plays, which have been demonstrated elsewhere in the Walvis Basin. A Petroleum Agreement for this acreage was signed with the Namibian Government and our partners in September 2018.

Namibia has attractive fiscal terms and an excellent working environment.

Block 2011A

As part of its assessment of the acreage prior to the application Global determined that there is significant prospectivity in the Albian Carbonates, which the previous well drilled by Repsol in 2014 did not reach. Leads have also been identified in shallower, Upper Cretaceous sandstone reservoirs on the eastern flank of the structure and also in multiple potential reservoirs in the eastern part of the Block. Global  is in the process of collecting the historical data, reprocessing and interpreting it, after which a comprehensive and detailed evaluation of the prospective resources will be made.


Blocks 1910B and 2010A

In January 2018 the Competent Person’s Report (CPR) on Namibian Blocks 1910B and 2010A (Licence PEL0029) was issued to Global Petroleum by independent consultants AGR TRACS International Limited.

Prospective resources have been calculated on three prospects: Global’s primary structure Gemsbok, as well as Dik-Dik and Lion. A total of 3.66 billion barrels of unrisked gross technical prospective resources (Best Estimate) has been estimated in the Blocks.

Of particular note, the main Aptian carbonate reservoir at Gemsbok has been estimated to have Best Estimate unrisked gross prospective resources of 1.1 billion barrels of oil with a probability of success of one in eight. The probability of success for the deeper Syn-Rift section at Gemsbok is lower than the main carbonate resource at Gemsbok, but the oil resource numbers are significant.

AGR TRACS Prospective resource estimates for PEL0029 are summarised in the table below. The Prospective Resource Estimates have been estimated using probabilistic methods.


Oil & Liquids: MMbbls

Gas: Bscf

Gross Technical

Prospective Resources

Net Attributable Technical Prospective Resources

Risk Factor



Low Estimate

Best Estimate

High Estimate

Low Estimate

Best Estimate

High Estimate




OIL - MMbbls

Gemsbok Main









Gemsbok Aeolian









Gemsbok Marine









Lion North









Lion South




































Source: AGR TRACS review

View the full CPR here




“Risk Factor” for Prospective Resources means the chance, or probability, of discovering hydrocarbons in sufficient quantity for them to be tested to the surface. This, then, is the chance or probability of the Prospective Resources maturing into a Contingent Resource. Where a prospect could contain either oil or gas the hydrocarbon type with the higher probability of being discovered has been listed in the table.

“Operator” is Global Petroleum Limited.

“Gross” are 100% of the resources attributable to the licence whilst “Net Attributable” are those attributable to Global.

“MMbbls” – million barrels

“Bscf” – billion standard cubic feet, 6,000 scf/boe, “boe” barrel of oil equivalent

“Total #” – implies totals have been derived by arithmetic summation without any probabilistic addition.

Excludes the area outside Global licence. All the listed prospects are located entirely within Global’s licence except approximately 21% of Dik-Dik High Case.

Prospective Resources Cautionary Statement (in accordance with ASX Listing Rules): The estimated quantities of petroleum that may be 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 is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Competent Person – AGR TRACS

The CPR is dated 12 January 2018. AGR TRACS International Ltd is an independent consultancy specialising in petroleum reservoir evaluation and economic analysis. Except for the provision of professional services on a fee basis, AGR TRACS International Ltd does not have a commercial arrangement with any other person or company involved in the interests that are the subject of this report.




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