Global Petroleum in its operational update on its assets in Namibia, announced that it has been granted an approval by the Namibian authorities to enter the Phase 2 of the petroleum exploration licence covering blocks 1910B and 2010A in the Walvis Basin.

According to the company, the Phase 2 of the exploration licence is for a duration of 2 years starting from December 3, 2015 with a minimum work program with no well commitment.

Formerly, the phase 1 of the exploration licence was extended for a year which ended in December 2015, for more work programme, which includes more modelling by means of both seismic and gravity data.

The results of the seismic and gravity work was successful and encouraging as regards hydrocarbon potential in the company's offshore blocks and has increased confidence of an oil play in the deep water region offshore Namibia and the possible existence of both reservoir and source in the Company's blocks.

However, added to the current prospect portfolio in the blocks, the results has enhanced Global Petroleum's assessments on the general prospectivity of the acreage.

Reprocessed 2D seismic has been acquired and is currently being assessed by the Company's technical team.

In an atmosphere of fluctuating low oil prices in the global market, Global Petroleum says it continues to be in a strong financial position compared to several other companies, Energy-pedia reports.

Anita Fatunji