Global Petroleum Limited Walvis Basin, offshore Namibia July 2020 1
Disclaimer These materials are strictly confidential and are being supplied to you solely for your information and should not be reproduced in any form, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities, nor shall any part of these materials or fact of their distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision whatsoever in relation thereto. The information included in the presentation and these materials is subject to updating, completion, revision and amendment, and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and these materials, and any opinions expressed in relation thereto are subject to change without notice. The distribution of these materials in other jurisdictions may also be restricted by law, and persons into whose possession these materials come should be aware of and observe any such restrictions. This presentation includes forward- looking statements that reflects the company’s intentions, beliefs or current expectations. F orward-looking statements involve all matters that are not historical fact. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could prove to be wrong. Such forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Compa ny’s actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Additional factors could cause actual results, performance or achievements to differ materially. The Company and each of its directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in the presentation or these materials, and any change in the Company’s expectations or any change in the events, conditions or circumstances on whi ch these forward-looking statements are based as required by applicable law or regulation. The resources referred to in this presentation were announced in January 2018 and July 2020 Prospective Resources Cautionary Statement: the estimated quantities of petroleum that may be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons By accepting any copy of the materials presented, you agree to be bound by the foregoing limitations. Competent Person – Global The petroleum resources information in this release and the accompanying presentation is based on, and fairly represents, information and supporting documentation in a report compiled by Paul Howlett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Paul is consultant Exploration Manager for Global Petroleum and is employed by Energy Explorers Limited. He has a Master’s Degree in Sedimentology from Birkbeck College of the University of London, is a Member of the American Association of Petroleum Geologists and has 28 years of experience in the oil and gas industry. Mr Howlett has consented in writing to the inclusion of the petroleum resources information in this announcement in the form and context in which it appears. 2
Overview Experienced Team • Global has operated in Namibia since 2010. Technical team has Namibian experience going back to 2003 Highly prospective adjacent acreage • New licence PEL 94 identified as highly prospective, enhancing Global’s adjacent PEL 29 • Global has a 78% Participating Interest as operator • Plan is to work up existing data, showcasing high potential, and then partner with a credible deep water operator to acquire 3D seismic data in the eastern part of the licence • Low cost option to evaluate own acreage, plus assess outcome of nearby activity, before making expensive commitments Namibia Exposure • Gives investors low risk / low cost future exposure to wider Namibian exploration, which has huge upside. 3
NAMIBIA 4
Namibia, PEL 94 / Block 2011A • Petroleum Agreement for new c.5,800 km² Block 2011A signed in September 2018; Licence PEL 94 issued October 2018 1910B 2010A 2011A PEL30 • Global is operator and holds a 78% interest. State oil company, PEL37 Namcor, and a local company, Aloe, have carried interests of 17% and Licence Licence PEL 29 / 5% respectively PEL 94 / Blocks Block 1910B & 2011A • Adjacent to existing Licence PEL 29 2010A - also c.5,800 km² Oil recovered • 50 Km Aggregate of c.11,600 km², making to surface in 2014 Global one of the largest net acreage holders in the region 5
PEL 94 / Block 2011A Work Commitments • Initial Exploration Period Years 1 and 2 - Undertake geological, geochemical and geophysical and related studies of all the data, including a gravity and magnetic study as well as a source rock and basin modelling study - Licence the existing 2010-vintage 3D seismic data survey (announced 7 th April 2020), and all 2D seismic data of reasonable quality and reprocess it • Initial Exploration Period Years 3 and 4 (Global can elect to relinquish after year 2) - If the Company elects to continue into years 3 and 4 , then additionally the Company will acquire and process 2,000 square kilometres of 3D seismic data in the Eastern Area - If the Company elects not to enter into years 3 and 4, the Block will be relinquished • First and Second Renewal Exploration Periods - First and Second Renewal Periods, of two years, each with a well commitment 6
Technical essentials: oil and gas proven in the area and multiple plays present • Gas sampled in seabed cores Shallow water carbonates in PEL 94, migrant oil PEL 30 (ECO Atlantic): sampled in Sasol’s well 3D seismic 2012/13-1 and wet gas PEL 37 shows in Tullow’s Cormorant (Tullow): 3D Global’s PEL 29 well point to oil and gas seismic prospects migrating throughout the Deep water section in and around PEL 94 sandstone PEL 94 3D seismic & prospects Welwitschia Deep • Shallow water carbonates prospect proven in a number of wells and tied on seismic to PEL 94 Deep water • Large Welwitschia Deep mudstones prospect is already covered by existing 3D seismic data 50 Km 50 Km • New Albian sand play confirmed by the Cormorant Albian facies map with prospects and 3D seismic outlines well and Global’s model is that this play extends into PEL 94 (Block 2011A) 7
Namibia PEL 94 – technical essentials Welwitschia Deep & Marula prospects • Welwitschia-1A well drilled in western part of PEL 94 in 2014, targeted Upper Cretaceous sandstones, which were absent at this location, but the well proved excellent seals • Global believes that there is significant prospectivity – similar to that in PEL 29 – in deeper Albian carbonates (“Welwitschia Deep”), which Welwitschia-1A did not reach • Additional prospectivity in Upper Cretaceous reservoirs on the flanks of the Welwitschia structure e.g. the Marula prospect 8
Namibia PEL 94: Welwitschia Deep prospect PEL 94: Top Albian carbonates depth map PEL 94: 3D seismic line across the Welwitschia Deep and Marula prospects • Albian carbonates in a fault and dip-closed trap • Mapped on 3D seismic data • Best estimate (P50) unrisked prospective resource 671 MMbbls gross in PEL 94, 523 MMbbls net to Global with a geological chance of success of 17% 9
Namibia PEL 94: Marula prospect ▪ Sandstone pinches out to west & NW, where amplitudes dim suddenly at pinchout ▪ Amplitudes dim down-dip to east where sands are interpreted to change from oil to water saturated Sharp changes in dip interpreted to be minor fault scarps on the seabed at that time, against which the sandstone bodies Marula Prospect: Upper pinched out Cretaceous sandstone with strong (soft) amplitude anomaly Marula prospect azimuth (edge) attribute on the 3D seismic data Marula prospect amplitude anomaly on the 3D seismic data • Upper Cretaceous sandstones mapped on 3D seismic data in a distal pinchout trap with a strong amplitude anomaly conforming to structure down-dip • Best estimate (P50) unrisked prospective resource 210 MMbbls gross in PEL 94, 164 MMbbls net to Global, with a chance of success of 18% 10
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