Namibia: Global Petroleum secures data-for-equity deal

Australia’s Global Petroleum has granted National Petroleum Corporation of Namibia (Namcor) an additional 7% interest in Block 2011A (PEL 94) in the Walvis Basin, in exchange for licensing 3D data acquired in 2010. The 1,583km2 survey covers the Welwitschia Deep prospect and Marula lead and will enable precise mapping of these features.The agreement will increase Namcor’s holding in the block to 17%. Private Namibian company Aloe Investments holds 5%, while Global holds the other 78%.