As announced on 19 September 2018, Global Petroleum (Global) signed a petroleum agreement to acquire the Walvis Sub-basin Block 2011A. The block covers some 5,800 sq km and is located adjacent to the east of Globalâs PEL 029 (Block 1910B and 2010A). The 2014 Repsol operated Welwitschia-1A well is located in the western portion of the acreage. Welwitschia-1A targeted Upper Cretaceous sands on the crest of a large structure but did not encounter a reservoir. Global believes there to be significant prospectivity in the deeper Albian carbonates which were not tested with the well but also believe additional prospectivity exists in the upper Cretaceous/Tertiary reservoirs on the eastern flank of the Welwitschia structure.   Work Programme Commitments:  Initial Exploration Period Years 1 and 2    Undertake      geological, geochemical and geophysical and related studies of all the      data, including a gravity and magnetic study as well as a source rock and      basin modelling study.  Licence      the existing 2010-vintage 3D seismic data survey, and all 2D seismic data      of reasonable quality and reprocess it.   Initial Exploration Period Years 3 and 4    If      the Company elects to continue into years 3 and 4 , then additionally the      Company will acquire and process two thousand (2,000) square kilometres of      3D seismic data in the Eastern Area.  If      the Company elects not to enter into years 3 and 4, the Block shall be      relinquished.   First and Second Renewal Exploration Periods    The      Company will then have the right to enter into the First and Second      Renewal Periods of two years each by committing to the relevant work      programmes set out in the Petroleum Agreement. Â    The block is operated by Global Petroleum Namibia Limited (a subsidiary of Global Petroleum Limited) with an 85% interest. Partners are National Petroleum Corporation of Namibia (Proprietary) Limited with a 10% stake and Aloe Investments Two Hundred and Two (Pty) Ltd with a 5% stake.   Background information   The block formed part of PEL0010 which Tower Resources plc had reapplied for, but is assumed to have been rejected.
Global Petroleum (Global) signed a petroleum agreement to acquire the Walvis Sub-basin Block 2011A. The block covers some 5,800 sq km and is located adjacent to the east of Globalâs PEL 029 (Block 1910B and 2010A). The 2014 Repsol operated Welwitschia-1A well is located in the western portion of the acreage. Welwitschia-1A targeted Upper Cretaceous sands on the crest of a large structure but did not encounter a reservoir.