Offshore Namibia Prospective Resource Estimate: 772 MMbbl of Oil

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Global Petroleum has announced its estimate of prospective resources for offshore Namibia PEL0094 (Block 2011A). A total of 964 MMbbl of unrisked gross technical prospective resources have been estimated for the block, including the Albian carbonate reservoir at Welwitschia Deep with a best estimate unrisked gross prospective resources of 772 MMbbl of oil. The prospective resources relate to the Welwitschia Deep and Marula prospects and are based on 2-D seismic data and geological information. Additional prospects will be identified after licensing and additional 2-D and 3-D seismic interpretation. The Welwitschia Deep prospect is a fault and dip-closed structural trap, as are the Gemsbok, Lion and Dik Dik prospects in the company’s PEL0029 license. The Marula prospect is a stratigraphic trap, where the Upper Cretaceous.