Page 8 - AfrOil Week 25 2022

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It also referred to the results of its own research, the most prospective blocks in the Namib-
saying that models indicated that the petroleum ian offshore for the reasons we set out in this
system found in the Orange Basin might extend announcement, and we firmly believe that our
at least 1,000 km northward into the Walvis patience will pay off.” ™
Basin. The company has said previously that
Marula and Welwitschia Deep, the prospects it
has identified within PEL 94, might be easier to
develop than Orange Basin fields if they turn out
to contain commercial reserves. It has explained
this assessment by noting that the two prospects
lie in shallower waters and at lower subsurface
drilling depths than Venus-1x.
Global Petroleum went on to say that it had
recently given a presentation “regarding map-
ping of the source rock and migration of oil and
gas from it” at an industry workshop in Namibia.
This presentation helped generate interest in
PEL 94 and in the company’s data room, it said,
without saying whether any specific companies
were candidates for buying a stake in the block.
Peter Hill, the CEO of the company, said he
was optimistic about finding a partner for the
project. “In Namibia, although companies will
naturally be looking first at the Orange Basin,
we are encouraged by the quality of the parties
who have shown interest in our farmout of PEL
94,” he commented. “Our analysis is that there
are very few attractive, available blocks in the
Orange Basin and there is great competition
for them. We think that Global holds one of PEL 49 lies in the Walvis basin (Image: Global Petroleum)

Scirocco Energy chair urges shareholders

to back Tanzania divestment deal at EGM

TANZANIA Alastair Ferguson, the chairman of AIM- current market capitalisation,” it said.
listed Scirocco Energy, has urged shareholders Under that agreement, the statement noted,
to approve the sale of the company’s Tanza- Wentworth will pay for the stake in several
nian assets at an extraodinary general meeting instalments.
(EGM) scheduled for June 29. These instalments will include: 1) initial
Earlier in June, Scirocco had agreed to sell a consideration of $3mn, payable upon comple-
25% stake in the Ruvuma asset, which primar- tion of the transaction; 2) additional considera-
ily comprises the Ntorya natural gas field, to tion of $3mn, payable upon the taking of a final
UK-based Wentworth Resources. investment decision (FID) by the parties to the
Ruvuma, an onshore licence area in southern Ruvuma production-sharing agreement (PSA)
Tanzania, is operated by ARA Petroleum Tan- or joint operating agreement (JOA), as relevant;
zania (APT), a subsidiary of ARA Petroleum of 3) deferred consideration worth up to $8mn in
Oman. APT’s contractor is currently working to the form of a 25% net share of revenues from
collect about 338 square km of 3D seismic data the time at which gas from Ruvuma starts being
and hopes to wrap up this process in the second delivered to one or more buyers; and 4) contin-
half of 2022. gent consideration of $2mn, payable at the time
In a June 13 statement, Scirocco explained when gross production reaches or tops the level
that it had signed a conditional binding agree- of 50bn cubic feet (1.416bn cubic metres).
ment on the divestment of the stake with Went- So while the deal has a $16mn headline
worth following the completion of a formal sales value, $3mn of that is upfront and $13mn is
process. both deferred and contingent upon the future
This agreement calls for the latter company performance of gas operations – if, in fact, they
to pay up to $16mn for the stake, a sum that are delivered successfully by Wentworth and its
“represents over 200% premium to Scirocco’s new partners, Aminex and APT.

P8 www. NEWSBASE .com Week 25 22•June•2022