Global Petroleum : BEOS presentation – April 2023

Namibia: hunting for giants

Paul Howlett

Global Petroleum Limited

Global Petroleum - a snapshot

• Australian-registered public company

• Quoted on the London Stock Exchange's AIM market

• The management team is based in London

• Successful capital raises of over £4 million in last 2 years to progress the PEL94 exploration licence in Namibia & for working capital

• Active since 2010 in Namibia

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Namibia: a new world-class oil province

• World-class source rock: Kudu Shale. Chased by Impact, GALP & others

• Shell, TotalEnergies & ExxonMobil farmed in years ago

• QatarEnergy farmed in for the Graff and Venus exploration wells

• Discovery of multiple billions of barrels of oil at Venus, Graff and Jonker have proven a new petroleum province in Namibia

• Chevron and Woodside have farmed in to nearby acreage

• Kudu Shale source rock extends to Walvis Basin and Global's licence

• Companies now competing to secure Walvis Basin licences

• All acreage across the margin that is near the source kitchen is either licensed or under exclusive negotiations - only way to access acreage now is to farm in

• Stable jurisdiction, excellent fiscal terms

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Global Petroleum in Namibia

• Global's licence PEL94, 5798 sq. km, 78% and operator
• Previously held adjacent PEL29 licence for 10 years from 2010
• PEL94 commitment: acquire 2,000 sq. km of 3D seismic data
• Main prospects are Welwitschia Deep and Marula with 881 and 411 MMbbl gross mean prospective resources respectively
• 1000m water depth, targets 2,600-2,800m (Venus well TD c.6,300m)
• Last 2 deep water wells (2018) in this basin cost US$29 million and US$16 million
• Large prospects, good terms and relatively cheap deep water drilling costs read through to significant NPVs
• Plus there is further running room…….

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PEL94: prospects and leads

• Portfolio of >3.5 billion barrels Gross Mean Prospective Resources (within PEL94) across 9 prospects & leads

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