Global Petroleum Limited - Walvis Basin, offshore Namibia July 2020
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Global Petroleum Limited
Walvis Basin, offshore Namibia
July 2020
1
Disclaimer
These materials are strictly confidential and are being supplied to you solely for your information and should not be reproduced in any form, redistributed or passed on, directly or
indirectly, to any other person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable
securities laws.
These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or
otherwise acquire any securities, nor shall any part of these materials or fact of their distribution or communication form the basis of, or be relied on in connection with, any
contract, commitment or investment decision whatsoever in relation thereto. The information included in the presentation and these materials is subject to updating, completion,
revision and amendment, and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation
and these materials, and any opinions expressed in relation thereto are subject to change without notice.
The distribution of these materials in other jurisdictions may also be restricted by law, and persons into whose possession these materials come should be aware of and observe
any such restrictions.
This presentation includes forward-looking statements that reflects the company’s intentions, beliefs or current expectations. Forward-looking statements involve all matters that
are not historical fact. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could prove to be wrong.
Such forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company’s actual results of operations, financial
condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested
by, these forward-looking statements. Additional factors could cause actual results, performance or achievements to differ materially. The Company and each of its directors,
officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in the presentation or
these materials, and any change in the Company’s expectations or any change in the events, conditions or circumstances on which these forward-looking statements are based as
required by applicable law or regulation.
The resources referred to in this presentation were announced in January 2018 and July 2020
Prospective Resources Cautionary Statement: the estimated quantities of petroleum that may be recovered by the application of a future development project(s) relate to
undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to
determine the existence of a significant quantity of potentially moveable hydrocarbons
By accepting any copy of the materials presented, you agree to be bound by the foregoing limitations.
Competent Person – Global
The petroleum resources information in this release and the accompanying presentation is based on, and fairly represents, information and supporting documentation in a report
compiled by Paul Howlett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Paul is consultant Exploration Manager for
Global Petroleum and is employed by Energy Explorers Limited. He has a Master’s Degree in Sedimentology from Birkbeck College of the University of London, is a Member of the
American Association of Petroleum Geologists and has 28 years of experience in the oil and gas industry. Mr Howlett has consented in writing to the inclusion of the petroleum
resources information in this announcement in the form and context in which it appears.
2
Overview
Experienced Team
• Global has operated in Namibia since 2010. Technical team has Namibian experience
going back to 2003
Highly prospective adjacent acreage
• New licence PEL 94 identified as highly prospective, enhancing Global’s adjacent PEL 29
• Global has a 78% Participating Interest as operator
• Plan is to work up existing data, showcasing high potential, and then partner with a
credible deep water operator to acquire 3D seismic data in the eastern part of the
licence
• Low cost option to evaluate own acreage, plus assess outcome of nearby activity,
before making expensive commitments
Namibia Exposure
• Gives investors low risk / low cost future exposure to wider Namibian exploration,
which has huge upside.
3
NAMIBIA
4
Namibia, PEL 94 / Block 2011A
• Petroleum Agreement for new
c.5,800 km² Block 2011A signed in
September 2018; Licence PEL 94
issued October 2018 1910B
2010A 2011A PEL30
• Global is operator and holds a 78%
interest. State oil company, PEL37
Namcor, and a local company, Aloe,
have carried interests of 17% and Licence
Licence
PEL 29 /
5% respectively Blocks
PEL 94 /
Block
1910B &
2011A
• Adjacent to existing Licence PEL 29 2010A
- also c.5,800 km²
Oil recovered
• Aggregate of c.11,600 km², making 50 Km
to surface in
2014
Global one of the largest net
acreage holders in the region
5
PEL 94 / Block 2011A
Work Commitments
• Initial Exploration Period Years 1 and 2
- Undertake geological, geochemical and geophysical and related studies of all the data,
including a gravity and magnetic study as well as a source rock and basin modelling study
- Licence the existing 2010-vintage 3D seismic data survey (announced 7th April 2020), and
all 2D seismic data of reasonable quality and reprocess it
• Initial Exploration Period Years 3 and 4 (Global can elect to relinquish after year 2)
- If the Company elects to continue into years 3 and 4 , then additionally the Company will
acquire and process 2,000 square kilometres of 3D seismic data in the Eastern Area
- If the Company elects not to enter into years 3 and 4, the Block will be relinquished
• First and Second Renewal Exploration Periods
- First and Second Renewal Periods, of two
years, each with a well commitment
6
Technical essentials: oil and gas proven in
the area and multiple plays present
Shallow water carbonates • Gas sampled in seabed cores
PEL 30 (ECO Atlantic): in PEL 94, migrant oil
3D seismic sampled in Sasol’s well
2012/13-1 and wet gas
PEL 37 shows in Tullow’s Cormorant
Global’s PEL 29 (Tullow): 3D well point to oil and gas
prospects seismic migrating throughout the
Deep water
PEL 94 3D seismic & sandstone section in and around PEL 94
Welwitschia Deep prospects
• Shallow water carbonates
prospect proven in a number of wells
and tied on seismic to PEL 94
Deep water
mudstones • Large Welwitschia Deep
prospect is already covered
50 Km by existing 3D seismic data
• New Albian sand play
confirmed by the Cormorant
Albian facies map with prospects and 3D seismic outlines
well and Global’s model is
that this play extends into
PEL 94 (Block 2011A)
7
Namibia PEL 94 – technical essentials Welwitschia Deep & Marula prospects • Welwitschia-1A well drilled in western part of PEL 94 in 2014, targeted Upper Cretaceous sandstones, which were absent at this location, but the well proved excellent seals • Global believes that there is significant prospectivity – similar to that in PEL 29 – in deeper Albian carbonates (“Welwitschia Deep”), which Welwitschia-1A did not reach • Additional prospectivity in Upper Cretaceous reservoirs on the flanks of the Welwitschia structure e.g. the Marula prospect 8
Namibia PEL 94: Welwitschia Deep prospect
PEL 94: Top Albian carbonates depth map
PEL 94: 3D seismic line across the Welwitschia Deep and Marula prospects
• Albian carbonates in a fault and dip-closed trap
• Mapped on 3D seismic data
• Best estimate (P50) unrisked prospective resource 671 MMbbls gross in PEL 94,
523 MMbbls net to Global with a geological chance of success of 17%
9
Namibia PEL 94: Marula prospect
▪ Sandstone pinches
out to west & NW,
where amplitudes
dim suddenly at
pinchout
▪ Amplitudes dim
down-dip to east
where sands are
interpreted to
change from oil to
water saturated
Sharp changes in dip
interpreted to be minor
fault scarps on the seabed
at that time, against which
the sandstone bodies Marula Prospect: Upper
pinched out Cretaceous sandstone with
strong (soft) amplitude anomaly
Marula prospect azimuth (edge) attribute on the 3D seismic data Marula prospect amplitude anomaly on the 3D seismic data
• Upper Cretaceous sandstones mapped on 3D seismic data in a distal pinchout trap
with a strong amplitude anomaly conforming to structure down-dip
• Best estimate (P50) unrisked prospective resource 210 MMbbls gross in PEL 94,
164 MMbbls net to Global, with a chance of success of 18%
10Global Petroleum
PEL 29 licence, offshore Namibia
• Licence PEL 29 issued in December 2010 comprising Blocks 1910B and 2010A:
after Initial Exploration Period relinquishment, acreage held is now c.5,800 km²
• Global is operator and holds an 85% interest. State oil company, Namcor, and a
local company, Bronze, have carried interests of 10% and 5% respectively
• On 3 December 2018 reached the end of the 1 year extension to the First Renewal
Period and entered the 2 year Second Renewal Exploration Period
• Since award Global has:
- Licensed and interpreted 2,800 km of non-proprietary 2D seismic data in 2011
- Underwritten acquisition of and licensed 2,000 km of non-proprietary 2D
seismic data in 2011/12
- Re-processed 2D seismic data over the licence area
- Acquired and interpreted 834 km of proprietary seismic in 2017
11Namibia PEL 29: Gemsbok prospect • Gemsbok is a very large, fault and dip-closed structure • Oil from proven Aptian source to east and south and possible Barremian source to SW • Albian carbonates are the main reservoir, but additional reservoirs in Barremian marine and desert sandstones, as well as Upper Cretaceous pinnacle reef limestones 12
Namibia PEL 29: Giant Structures and
Mid-High Cases Recoverable Prospective Resources
Global Permit
Dik Dik
Prospect
Lion Choje
Prospect Lead
Gemsbok
Pangolin Prospect
Lead
Prospect
0 50km
Lead 7
Figures from CPR issued in January 2018 and available on the website
• Extremely large structures with significant prospective resources, particularly in the
Gemsbok prospect, which has mid case recoverable prospective resources of 1,091
million barrels in the Albian carbonates reservoir alone (Gemsbok Main)
13Namibia PEL 94 & PEL 29:
Prospective Resources
Prospect/Lead Gross Prospective Resources Net Attributable Prospective Resources Geological Risked Net Attributable
(MMbbls) (MMbbls) † Chance of Prospective Resources
Success (%) (MMbbls)
Low Best High Low Best High Best
Estimate Estimate Estimate Estimate Estimate Estimate Estimate
(P90) (P50) (P10) (P90) (P50) (P10) (P50)
Gemsbok Main 318 1,091 2,581 270 927 2,194 12.3% 114
(PEL 29)
Gemsbok Aeolian 66 330 1,296 56 281 1,102 5.4% 15
(PEL 29)
Gemsbok Marine 63 323 945 53 275 803 8.8% 24
(PEL 29)
Lion North 104 291 743 88 247 631 7.5% 19
(PEL 29)
Lion South 290 823 2,105 247 700 1,789 7.5% 53
(PEL 29)
Dik-Dik 224 805 1,969 190 685 1,674 5.0% 34
(PEL 29)
Welwitschia Deep 162 671 1,863 126 523 1,453 17% 89
(PEL 94)
Marula 109 210 337 85 164 263 18% 30
(PEL 94)
TOTAL 1,336 4,544 11,839 1,115 3,802 9,909 - 378
* AGR-TRACS resource report dated January 2018 and the Energy Explorers Limited prospective resources report for PEL 94 dated July 2020
† Global Net Attributable Prospective Resources calculated using Global’s working interest (85% in PEL 29 and 78% in PEL 94)
14PEL 94 & PEL 29: Prospective Resources
▪ Albian carbonate prospects:
PEL 29 ▪ Welwitschia Deep in PEL 94
▪ Gemsbok, Lion & Dik Dik in PEL 29
3D seismic data
• Very large tilted fault blocks coverage shown by
identified on 2D seismic data red polygon
at Gemsbok, Lion and Dik–Dik
prospects. Target Albian PEL94
carbonate reservoirs and
mudstone seals proven in
wells nearby
• Upside in Choje, an Upper PEL29
Seabed cores
Cretaceous sandstone lead Marula: Upper Cretaceous sandstone with gas
prospect with amplitude anomaly
PEL 94 Global Petroleum’s prospect and lead inventory in PEL94 and PEL 29
• Large stratigraphic-structural trap at Marula mapped on 3D seismic data with a strong
amplitude anomaly
• Very large tilted fault block at Welwitschia Deep prospect confirmed on 3D seismic data.
Albian carbonate reservoir and mudstone seals proven in nearby wells
• Gas identified in seabed cores 15Namibia Walvis Basin:
recent exploration history
• Global signed licence PEL 29 in
Tullow’s 2010 early in the last wave of
Cormorant
well
industry activity in Namibia
• HRT proved the regional source
rock was present and generating
oil in the Walvis Basin in 2013
(Murombe and Wingat wells)
Licence
Licence
PEL 29 /
Blocks
PEL 94 / • In 2014 Repsol drilled the well
Block
1910B &
2011A Welwitschia-1: although it failed
2010A
to find any reservoirs and it didn’t
reach the deeper secondary
Oil recovered target in the Albian
Chariot’s to surface in
Prospect S 2014 • 2 wells drilled in late 2018:
well Tullow’s Cormorant and Chariot’s
Prospect S proved reservoirs
• In the last few years Tullow and ONGC have farmed into PEL 30 and PEL 37 (green outlines)
• In 2018 Exxon Mobil farmed into GALP licence (yellow outline) in the Walvis Basin
16Future Namibian drilling activity • Total drilling the Venus well offshore southern Namibia in late 2020 • Others reporting multiple wells in 2021 in the Walvis Basin and other basins offshore Namibia
ITALY
18Global Petroleum
Italy
- Eni/Novatek awarded
Blocks 4, 5, 9 and 10 in 2016
- Energean
• Global submitted applications for 4
- Forecast work programme
in excess of $100MM (100%) awarded permits in the southern Adriatic in Q3
Blocks 26 and
- Seismic survey start
30 in 2017.
2013
imminent
- Total
Italy Croatia 30 26
investment • Blocks are contiguous with Cabot
$19MM over 7
Montenegro years Energy’s blocks to the south and
adjacent to the median lines with
Albania, Croatia and Montenegro
Shell ‘Shpiragu’
Aquila Field
Discovery/Appraisal • Eni and Novatek were awarded
2013. Expanding
Rovesti presence in country acreage in Montenegro in 2016, with a
Albania forecast programme in excess of
Falco $100MM. The blocks are only 35km
Medusa from Global’s acreage
Giove
Energean Montenegro Licence Awards
• Multiple play types for oil and gas
• Proven hydrocarbon basin: Aquila field; Giove, Medusa, Falco & Rovesti discoveries
• Appeals were lodged by various interested bodies against the Environmental Decrees granted for the 4
applications in 2016 and 2017. Most of the appeals were rejected with the exception of 1 for which
judgment is expected in November 2020 and another, which has been referred to the European Court.
All Italian exploration and applications suspended for 18 months pending a government review
19
evaluating areas suitable for oil and gas productionCORPORATE OVERVIEW
20Global Petroleum Limited:
a snapshot
• Listed on London’s AIM: ticker code GBP
• Market capitalisation US$2.8 million (£2.3 million)*
• Current cash of US$1.32 million **
• Experienced management team and Board
• Exploration Licences offshore Namibia
- PEL 29 since December 2010: 2D seismic completed over huge Gemsbok prospect in
2017, CPR completed, farmout campaign undertaken
- PEL 94 since September 2018: another large structural prospect at Welwitschia Deep,
with Marula prospect to the south-east, plus multiple other plays
• Applications in Italy, offshore southern Adriatic: vast majority of judgements now
published – all in Global’s favour – but exploration moratorium
* As of 8th July 2020 at a GBP/USD rate of 1.35
** As of 31st March 2020 as reported on 22nd April 2020
21Summary
Experienced Team
• Global has operated in Namibia since 2010. Technical team has Namibian experience
going back to 2003
Highly prospective adjacent acreage
• New licence PEL 94 identified as highly prospective, enhancing Global’s adjacent PEL 29
• Global has a 78% Participating Interest as operator
• Plan is to work up existing data, showcasing high potential, and then partner with a
credible deep water operator to acquire 3D seismic data in the eastern part of the
licence
• Low cost option to evaluate own acreage, plus assess outcome of nearby activity,
before making expensive commitments
Namibia Exposure
• Gives investors low risk / low cost future exposure to wider Namibian exploration,
which has huge upside.
2223
Board of Directors
Peter Taylor has over 40 years’ experience in the oil and gas industry. He
Peter Taylor cofounded and was a Director of TM Oil Production which later became Dana
Non-Executive Director Petroleum and was taken over by KNOC for £1.8bn in 2010. He also cofounded
Consort Resources, a North Sea gas transportation and production company, and
Planet Oil International with interests in Mauritania, Guyana and Uganda, which
merged with Hardman Resources in 1998. Mr Taylor was appointed as a Director
of the Company in October 2001
Peter Blakey was a founding member and Director of TM Oil Production, which
Peter Blakey became Dana Petroleum. This company was subsequently purchased by KNOC in
Non-Executive Director October 2010 for £1.8bn. He was also a founding member and a Director of
Consort Resources, which became a significant North Sea gas production
company, and of Planet Oil which was merged with Hardman Resources in 1998.
Mr Blakey was appointed as a Director of the Company in October 2001.
Mr Draffin is a chartered accountant with over 17 years' experience in
Andrew Draffin, Company financial reporting, treasury management and corporate advisory services. He
Secretary & Non-Executive currently provides services as a Director, Company Secretary and CFO to ASX
listed, OTCQX listed and private companies operating in renewable energy,
Director exploration and mining and the investment sectors. Mr Draffin is a director of
EnviroMission Ltd and Gladiator Resources Ltd. He was appointed as a director
of the Company on 10 June 2016.
Mr Higgins is a Melbourne based lawyer and a principal of Grillo Higgins. He
Garrick Higgins, practices in energy and resources law and in corporate and securities law,
Non-Executive Director including mergers and acquisitions, takeovers, capital raisings, project finance,
corporate governance and joint ventures. Mr Higgins is a director of public
company Escala Partners Limited. He was appointed as a director of the Company
in October 2017.
24Board of Directors
Mr van der Welle has 30 years oil industry experience, having previously qualified as
John van der Welle a Chartered Accountant with Arthur Andersen in 1981. He is also a member of the
Non-Executive Chairman Association of Corporate Treasurers and the Institute of Taxation.
After 11 years at Enterprise Oil where he was Business Development Manager and
subsequently Group Treasurer, Mr van der Welle was Finance Director of a number
of UK listed E&P companies, including Premier Oil in 1999-2005. He was Managing
Director, Head of Oil & Gas, at the Royal Bank of Scotland in 2007-2008, and since
2010 he has been non-executive director of a number of listed and private E&P
companies, including current directorships with AIM listed Hurricane Energy plc. Mr
van der Welle was appointed a non-executive Chairman of Global in February 2014.
Mr Hill has extensive experience in the energy sector as a senior executive with a
Peter G Hill significant worldwide track record worldwide in high-level M&A and business
development roles, primarily in the oil industry. Most recently Mr Hill was the
Chief Executive Global Head of Corporate M&A for Statoil ASA, where he was responsible for several
large transactions. He was a key member of the team responsible for Statoil’s
merger with Norsk Hydro Oil & Gas in December 2006 and led the acquisition of
EnCana’s Gulf of Mexico deep water assets in 2005. Prior to agreeing to join Global,
Mr Hill was responsible for supervising the execution of the IPO of Statoil’s Energy &
Retail division.
Previously Mr Hill set up the international business of Waterous & Co in the UK as
Managing Director, and before that worked for Enterprise Oil plc for many years,
latterly as Head of International New Ventures. Mr Hill started in the energy
industry with Total Oil Marine and is a UK qualified Solicitor, having commenced his
career with Clifford Chance. He holds an MA in Law from Oxford University. Mr Hill
was appointed a Director of Global in September 2011.
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