Australian independent Global Petroleum is stepping up its efforts to farm-out a share of its 85% stake in a high-potential deepwater exploration licence in the Walvis Basin off- shore Namibia.

The African-focused player has opened up a data room for those interested in Petroleum Exploration Licence 0029, which contains two large prospects that could hold up to 1 Bn bbl of recoverable oil. PEL 0029 includes blocks 1910B and 2010A, which cover 11,730 sq km in water depths ranging from 1,200-3,000 m (3,937-9,843 ft).

A reconnaissance grid of more than 2,000 km of 1990s 2D seismic data over both blocks was purchased in July 2011 and was subsequently interpreted. The interpretation of this data confirmed the presence of the two leads, with Global then commissioning a high resolution 2D seismic acquisition program of 2,000 km over the acreage, which began in September 2011.

The new data confirmed the presence of the two structures, while also revealing further potential leads. The structural prospects identified are both anticipated to contain a thick, Albian to Aptian age, carbonate reservoir within a fault controlled trap, sealed by overlying deep marine shales.

These carbonates were penetrated in two nearby wells drilled during the 1990s and had a gross reservoir thickness of some 200 m (656 ft).

A well is also planned to be drilled by Repsol of Spain in an adjacent block either later in 2013 or early 2014, which should provide valuable information on the potential of one of these stratigraphic fairways.

The planned farm-down by Global is expected to be completed ahead of the next phase of exploration activity, which will include shooting 3D seismic.

The first renewal of the exploration period, which runs for two years from 3 December 2014, will require Global to drill at least one exploration well within the licence area and carries a minimum exploration expenditure of US $20m.The second renewal period would require the acquisition, processing and interpretation of additional seismic data, if necessary, and the drilling of at least one further exploration well.

Chief executive Peter Hill said Namibia remained a highly prospective and under- explored frontier province: “With at least one operator preparing to commence a drilling campaign during the first half of the year, 2013 should see a significant amount of activity in Namibia,” he said. “Our own decision to bring in a partner will reduce risk but still deliver upside for shareholders in a success case.”