Page 15 - AfrOil Week 04 2021

AfrOil NEWS IN BRIEF AfrOil

UPSTREAM pleased to report the identification of signifi- Etinde development, as it essentially eliminates
cant new leads in the eastern part of PEL0094, the possibility of the Government of Cameroon
Global Petroleum issues together with further de-risking of our principal removing the Etinde licence from the JV part-
prospect, Marula, and additional evidence of the ners, following the end of the initial six year
updated prospective presence of significant source. The identification development implementation period in January
of Prospective Resources on such a scale in the 2021.
resources estimate for new leads is obviously a great boost to the overall “The JV partners continue to make good
prospectivity and attractiveness of the Licence, progress towards achieving a Final Investment
Namibian licence PEL0094 which is very timely as we commence our far- Decision on the licence in 2021 and I look for-
mout process.”
ward to keeping all our stakeholders updated on
AIM-listed Global Petroleum has announced PEL0094 covers an area of 5,798 square km developments over the coming months.”
its updated estimate of Prospective Resources offshore northern Namibia in water depths Bowleven Oil & Gas, January 25 2021
for PEL0094 (Block 2011A), offshore Namibia, ranging from 350 to 1,550 metres.
following interpretation of the 2D seismic data Global Petroleum, January 25 2021 Predator Oil & Gas
which the Company recently licensed. Global
holds a working interest of 78% in PEL0094, and New Age receives formal reports on schedule
is operator.
The additional Prospective Resources, which approval to apply for for Guercif drilling
are in the east of PEL0094, consist of seven new
leads with a total unrisked gross Prospective new Etinde exploitation programme in Morocco
Resources (Best Estimate) of 2.048bn barrels
of oil. As previously reported in July 2020, the agreement in Cameroon The company’s drilling plans are advancing in
pre-existing prospects – Marula and Wel- anticipation of commencing drilling operations
witschia Deep – contain a total of 881mn barrels, Bowleven, the Africa-focused oil and gas explo- as early as possible in Q2-2021 in expectation
making a new total on the licence of 2.929bn bar- ration group traded on AIM, has announced of an accelerated international roll-out of the
rels unrisked gross Prospective Resources (Best that New Age, Operator of the Etinde licence, COVID-19 vaccine.
Estimate). has received formal approval to apply for a new Coordination of operations and logistical
Regarding the Prospective Resources attrib- Etinde Exploitation Agreement (EEA). This requirements is being undertaken with other
utable to Global, the total unrisked net Pro- would replace the existing EEA which came into operators, specifically those planning to drill in
spective Resources (Best Estimate) now total force by Presidential decree in January 2015. Q2-2021 in northern Morocco, in order to safely
2,284mn barrels compared with the previous The agreement was reached following dis- accelerate the commencement of drilling oper-
number of 687mn barrels net to Global for cussions with the Government of Cameroon’s ations following the relaxation of COVID-19
Marula and Welwitschia Deep alone. representative, Société Nationale des Hydrocar- restrictions.
This means that the total unrisked net Pro- bures (SNH), the national oil and gas company Transfer of full ownership of the Magh-
spective Resources (Best Estimate) – both gross of the Republic of Cameroon. The authorisation reb gas pipeline to Morocco is set to take place
and net – are over three times as large, due to the is based on the following general terms:The new in Q4-2021, creating a timely opportunity to
new leads identified. EEA would be for the production of hydrocar- develop a larger gas find at Guercif for export to
On a risked basis, Prospective Resources bons including the delivery of gas to thermal the European gas market.
have approximately doubled. The technical work power plants or any other projects confirmed by The Company has already been introduced to
undertaken in late 2020 has significantly rein- the State. a potential European gas buyer in order to better
forced Global’s confidence that the source rock Commenting on the announcement, Eli understand available pipeline capacity and tim-
is present and generating oil in PEL0094 and has Chahin, CEO of Bowleven, said: “We are pleased ing requirements for delivery of “First Gas.”
further vindicated the Company’s view that the to announce that following a constructive dia- The indigenous industrial gas market
acreage is highly prospective. logue between the Etinde JV partners and SNH, remains robust and under-supplied, relative to
Peter Hill, Global Petroleum’s CEO, com- authorisation to apply for a replacement EEA has potential demand for expansion of gas sales, and
mented: “As promised in December, we are been granted. This is very positive news for the attracts a premium price for gas.

Week 04 27•January•2021 www. NEWSBASE .com P15