General Thoughts, page-8360

Some precedence with Global receiving multiple extensions

14 August 2023
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”). Upon the
publication of this announcement via a Regulatory Information Service (“RIS”), this inside information
is now considered to be in the public domain.
Global Petroleum Limited
(“Global” or “the Company”)
Namibia Update – Approval for Global to enter next phase of Licence PEL 94 Namibia
Global (AIM: GBP) is pleased to announce that the Namibian Ministry of Mines and Energy (“Ministry”)
has given approval for the Company and its partners to proceed to the First Renewal Period (“FRP”)
of Walvis Basin licence PEL 94, with a duration of two years from September 2023 to September 2025.
The work commitment for the FRP is to acquire, process and interpret 2,000 kms of 3D seismic data
(the “3D Seismic”) - carried over from the current Initial Exploration Period (“IEP”) and to drill a well
contingent upon the results of interpretation of the 3D Seismic. The original well commitment for the
FRP – as specified in the Petroleum Agreement for PEL 94 - was firm, rather than contingent.
In accordance with standard provisions in the Petroleum Agreement, the Company and its partners
are obliged to issue a guarantee at the beginning of each main phase of the licence, including the FRP.
The guarantee is linked to the specified minimum exploration expenditure (“MEE”), which is the firm
work commitment for the FRP (the commitment cost of the 3D Seismic), with the precise quantum to
be agreed between Global and the Ministry, and has previously been negotiated as a low percentage
of the MEE.
Importantly, The Ministry has waived the usual requirement to relinquish 50% of the licence area at
the end of the IEP. This means that Global and its partners have retained all of the prospectivity of the
licence on entry to the FRP - notably both of the primary prospects, Marula and Welwitschia Deep,
together with the leads which the Company has identified in the eastern part of the licence.
The Company regards the grant of the two year FRP term (rather than a further one year extension to
the IEP as originally expected) - together with the waiver of the relinquishment requirement - to be a
successful outcome. It is also expected to give a major boost to the Company’s ongoing farmout
campaign.
In the broader Namibian context, Global is in full agreement with the widely held industry view that
the drilling in the Orange Basin by Shell and TotalEnergies to date strongly suggests that Namibia has
become a world class petroleum province, in terms of scale of likely resources.
Peter Hill, Global Petroleum’s CEO, commented:
“We are very pleased to enter the next phase of PEL 94 with the prospectivity intact and the flexibility
which a two-year term gives to us and our partners. We would like to convey our thanks to the Ministry