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Mining seismic survey updates shows Gemsbok as a prospect gem

Mining seismic survey updates shows Gemsbok as a prospect gem

Global Petroleum announced this week, the completion of the 2D seismic acquisition programme that it had previously announced, in the Company’s Namibian operated block.

The Gemsbok prospect is located at a total depth of around 3,000 metres – in water depths of approximately 1,400 metres. Global’s Licence PEL 0029, in which the Company holds an 85% interest and operatorship, covers Offshore Blocks 1910B and 2010A offshore Namibia.

Global Petroleum’s technical team is both intrigued and highly encouraged by its recent work which has confirmed the Gemsbok prospect, a structural closure extending over 200 square kms,” Global CEO,and Managing Director,Peter Hill said in a statement in June 2017, adding that it is unusual to identify such a large, robust structure at prospective depths which does not rely on stratigraphic trapping.”

The new 2D survey is expected significantly to clarify the nature and extent of Gemsbok. In addition, the survey has been specifically designed to improve resolution of the deeper sync-rift section adjacent to the Gemsbok structure, as well as to provide a more accurate understanding of the deeper sedimentary sequence where it is believed potential source rocks are likely to be present

The survey comprising 834 km of full fold 2D seismic data – was carried out by Seabird Exploration of Norway, and shooting took only 10 days, completing on 3rd July 2017. The total cost of the acquisition is approximately US$740,000, excluding processing.

Processing of the acquired data is about to commence and is expected to be finalised around the end of September 2017. Initial examination of the high quality raw data confirms the extremely large extent of the Gemsbok prospect in the south east of the block. Following processing and interpretation of the data the Company will determine its plans for the next phase of exploration.

Global’s Licence PEL 0029, in which the Company hold an 85% interest and operatorship, covers Offshore Blocks 1910B and 2010A. The Gemsbok prospect is located at a total depth of around 3,000 metres – in water depths of approximately 1,400 metres.

Global had entered into a contract with Seabird Exploration of Norway to take on 834 km of full fold 2D seismic data covering Global’s operated block.

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.