BRISBANE, Australia – The Namibian Ministry of Mines and Energy (MME) has granted a renewal of petroleum exploration license No. 29 to Jupiter Petroleum, a subsidiary of Global Petroleum. PEL No. 29 covers blocks 1910B and 2010A in the Walvis basin offshore Namibia.
Under the new terms of the first renewal period, the license will be extended by 24 months from Dec. 3. The license originally provided for a commitment to drill one well during the renewal period. However, Global Petroleum said due to the current market conditions, the company and MME have agreed to a revised minimum work program, which includes:
- The reprocessing of all existing 2D seismic lines across that portion of the license area, which is retained following the mandatory 50% relinquishment
- Acquisition of 800 km (497 mi) of long offset 2D seismic over the retained acreage. The reprocessed existing 2D data will be used to assist with the design and location of the new survey.
Accordingly, there is no well commitment during the two-year term of the renewal period.
Earlier this year, the company used seismic and gravity data to produce models of the prospects within the license area. Global said that the results of this combined seismic and gravity work “proved to be very encouraging with regard to hydrocarbon potential.” Additionally, it said that the work increased confidence in a syn-rift oil play in the outboard or deepwater region.
Jupiter will remain operator with an 85% interest in the two blocks, with partners NAMCOR and Bronze Investments Pty Ltd. holding 10% and 5%, respectively, both as carried interests.
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