Oil and gas exploration company Global Petroleum has granted approval to its joint broker FirstEnergy Capital to find a partner to fund the next phase of planned exploration expenditures for licences to start 3D seismic.

Global Petroleum has an 85% participating interest in Petroleum Exploration Licence No. 0029 that includes offshore blocks 1910B and 2010A in Namibia.

Located in the Walvis basin, the blocks are stretched over an 11,730km² area in water depths ranging from 1,200m to 3,000m and are adjacent to acreage held by Repsol and its partners.

The HRT-operated Wingat well in the Walvis basin was drilled in May to find the presence of a major source rock.

During the past 18 months, Global has undertaken technical work based on 2D seismic data that suggests the presence of Cretaceous deepwater sandstones in structural or stratigraphic traps and carbonate platform build-ups on large horst blocks.

Global managing director and CEO Peter Hill said the company remains excited about its Namibian acreage but wishes to diversify risk and bring in a partner through farming down its 85% interest.

"FirstEnergy’s track record and extensive contacts internationally mean the firm is well placed to deliver this objective," Hill said.

An exploration well is scheduled to be drilled in the Walvis Basin during the first quarter of 2014.

Nri energy