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AfrOil NEWS IN BRIEF AfrOil

UPSTREAM submitting the Offer. seismic data has led to increased confidence in
“The Tilapia asset has transformational pro- the two prospects previously identified, Marula
Zenith Energy announces duction potential and the award of a new 25-year and Welwitschia Deep.
licence will represent the first important success-
The Marula prospect is a distal pinchout of
update on Tilapia project in ful milestone in our journey in the Congo. It is Cretaceous sandstones onto the Welwitschia
our hope and expectation that we shall achieve high. Global’s interpretation of the 3D seismic
Republic of Congo this goal in due course. data has revealed a significant amplitude anom-
aly whose down-dip edge conforms with struc-
“I am also pleased to confirm that negotia-
Zenith Energy has provided an update on the tions are nearing a conclusion with regards to ture, which has resulted in the geological chance
Tilapia licence in the Republic of the Congo defining a payment plan for the repayment of of success of Marula being increased from 8%
which expired on July 18, 2020. the $5.3mn debt owed by Société Nationale des to 18%.
The Company confirms that the Company’s Pétroles du Congo to AAOG Congo.” The Welwitschia Deep prospect has also been
subsidiary in the Republic of the Congo, Anglo Zenith Energy, July 20 2020 confirmed by interpretation of the 3D seismic
African Oil & Gas Congo (AAOG Congo), data and the Albian carbonate reservoir has Best
continues to operate the Tilapia oilfield on an Global Petroleum issues Estimate unrisked gross prospective resources
interim basis following the implementation of of 671mn barrels of oil (523mn barrels net to
a Plan for the Continuation of Activities (PCA) new reserve estimate for Global) with a geological chance of success of
agreed with the national oil authorities. 17%. Further details can be found in the updated
The Company is pleased to announce that, PEL0094 offshore Namibia Corporate Presentation on Global Petroleum’s
in accordance with local procedures, it has sub- website.
mitted a comprehensive commercial and tech- AIM-listed Global Petroleum has announced Peter Hill, Global Petroleum’s CEO, com-
nical offer to the Ministry of Hydrocarbons of an updated estimate of Prospective Resources mented: “As reported in March this year, we
the Republic of the Congo for the award of a for PEL0094 (Block 2011A), offshore Namibia, were very pleased to come to an agreement with
new 25-year licence for the Tilapia oilfield to be after interpretation of the 3D seismic data survey NAMCOR to licence the existing 3D seismic
named Tilapia II. recently licensed from the Namibian State Oil data on Block 2011A in return for extra equity in
In consideration of the impact of the ongoing Company, NAMCOR, which also holds a car- the Licence, thus conserving the Company’s cash
COVID-19 pandemic, as well as the expected ried interest of 17% in the Licence. Global holds resources. Our experienced technical team has
evaluation period for the Company’s aforemen- a working interest of 78% and is operator. carried out a comprehensive re-interpretation of
tioned Offer, the Company expects to receive a A total of 881mn barrels of unrisked gross the 3D data. This work has reinforced our exist-
preliminary indication regarding the possible Prospective Resources (Best Estimate) has been ing view that the acreage is highly prospective,
acceptance of the Offer within the next 30 days. estimated in PEL0094 in two prospects, of which both by confirming Resource estimates and by
Andrea Cattaneo, Chief Executive Officer of 687mn barrels are net to Global. These have significantly increasing the chance of success of
Zenith, commented: ‘“We are very excited about been classified in accordance with the Society the Marula prospect.”
the good progress we have achieved in recent of Petroleum Engineers Petroleum Resources Global Petroleum, July 20 2020
weeks in the Republic of the Congo, specifically Management System (SPE-PRMS) and have
in respect of the submission of the Offer for Tila- been estimated using a probabilistic method.
pia II. As is to be expected, the unprecedented The Prospective Resources are based on the 3D SERVICES
world crisis presented by COVID-19 has delayed and 2D seismic data and geological information,
all activities, including the arranging of meetings including analogues, to which Global has access. PGS expands GeoStreamer
to conduct the necessary negotiations prior to As expected, the interpretation of the 3D
coverage in Cote d’Ivoire

deepwater zone

PGS has announced that modern imaging tech-
niques applied to 12,000 square km of broad-
band data unveil key plays in the West Africa
Transform Margin exploration hot spot of Cote
d’Ivoire. This MultiClient 3D dataset is now
available in the PGS data library.
Recent 3D GeoStreamer acquisition over
blocks CI-526/707/708 has been combined with
reprocessed GeoStreamer data acquired in 2015
over CI-602/603, to target the deepwater area
offshore Cote d’Ivoire.
Upper Cretaceous aged turbidite channel
and fan complexes provide the primary target
in the deepwater Cote d’Ivoire Basin. Extensive
3D GeoStreamer coverage provides an unprec-
edented view on the distribution and detail of
depositional systems held in stratigraphic pinch-
out traps.

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