Global announced (on 24 November 2017) an extension to the First Renewal Exploration Period (Phase 2) of 12 months to 3 December 2018 for Petroleum Exploration Licence 0029 and entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. The Licence covers Blocks 1910B and 2010A, located in the Walvis Basin offshore Namibia. The Company has now agreed a work commitment for Phase 3 with the Namibian Ministry of Mines and Energy.

The firm additional work programme consists of various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset (AVO) analyses and extended elastic impedance (EEI) studies on seismic data. The financial commitment to undertake the firm additional work programme is US$350,000. In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D seismic data - contingent upon Global concluding a farmout - and the drilling of one exploration well.

The Ministry has also waived the requirement to surrender a further 25 per cent of the original Licence Area - which is normally required  at the end of  the First Renewal Period - 50 per cent had already been surrendered  in accordance with the Petroleum Agreement at the end of the Initial Exploration Period (Phase 1).

Significant prospective resources have been calculated on three prospects and two leads in the Licence which were  detailed in the Competent Person's Report released in January 2018. The Albian carbonates are the main reservoir for the three prospects, with the primary prospect, Gemsbok, also having prospective resources in two deeper layers. One of the two leads, Choje, has Upper Cretaceous deep water sandstones as its reservoir.  Both the Albian carbonate and Upper Cretaceous sandstone plays are currently being worked up further, both in the Licence and in Global's adjacent Licence PEL0094.  Further details will be released when work  has been completed.

Global's CEO, Peter Hill, commented: 
"We are pleased to have been able to reach agreement with the Ministry in relation to the work programme going forward on PEL0029.  We look forward to progressing our work both on PEL0029 and the adjacent PEL0094, and to finding the right partner to fund the larger commitments on this exciting acreage, where we hold 85 per cent interests."

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