Global Petroleum Ltd Operations Update - Namibia and Italy (9303T)
October 18 2017 - 2:41AM
UK Regulatory
TIDMGBP
RNS Number : 9303T
Global Petroleum Ltd
18 October 2017
18 October 2017
Global Petroleum Limited
("Global" or "the Company")
Operational Update - Namibia and Italy
Global (AIM: GBP, ASX: GBP) is pleased to provide the following
update in relation to progress on its Namibian operations and its
applications in Italy.
Namibia
Processing and interpretation of the 2017 2D seismic data
acquired over the Company's acreage offshore Namibia is now
complete.
Management believes that the new information has significantly
improved the prospectivity across block PEL 0029 in general and the
Gemsbok prospect in particular. Better imaging from the new 2D data
reveals that the known source rock intervals are likely to be
within the oil generative window and this, combined with data
showing repeating oil seeps along the faulted flanks of Gemsbok,
has greatly improved the chance of a major oil discovery. Gemsbok
remains the Company's primary exploration target.
The Company has commissioned a Competent Persons Report ("CPR")
in respect of its Namibian acreage from the consultants AGR Tracs,
which is expected to be completed by the end of the year. A CPR is
an independent technical report on oil and gas assets. It is then
the intention of the Company to launch a structured farmout process
of its Namibian acreage with a view to seeking a partner to fund
future operations on the block, commencing with 3D seismic.
The Company is currently negotiating an extension of its Licence
with the Namibian authorities, which is designed to ensure a highly
flexible framework for future operations, and is confident of a
successful outcome.
http://www.rns-pdf.londonstockexchange.com/rns/9303T_-2017-10-18.pdf
Italy
Global is also pleased to announce that the remaining two
Environmental Decrees in relation to the Company's four
applications ("the Applications"), have now been published by the
Italian authorities. Publication of Environmental Decrees is the
final administrative stage before grant of the Permits.
The new Decrees relate to the applications designated d 80
F.R-GP and d 81 F.R-GP, Environmental Decrees for d 82 F.R-GP and d
83 F.R-GP having been published in October 2016. As previously
reported, various local authorities and interest groups appealed
against the Decrees in relation to
d 82 F.R-GP and d 83 F.R-GP, and the Company is taking the
necessary steps to oppose all of those appeals, which are in the
process of being heard by the competent legal tribunal in Rome.
Global understands that recent appeals against other Environmental
Decrees in the Southern Adriatic have been rejected by the same
tribunal.
The Southern Adriatic and adjacent areas continue to be the
focus of industry activity. Most notably, in Montenegro offshore
concessions were awarded in 2016 /2017 to Marathon, OMV and
Eni/Novatek (the latter just 35 km from the nearest of the
Applications). The four Application blocks are contiguous with the
Italian median lines abutting Croatia, Montenegro and Albania
respectively .
http://www.rns-pdf.londonstockexchange.com/rns/9303T_1-2017-10-18.pdf
Commenting on the progress announced today, Peter Hill, Global's
CEO, said:
"We are most encouraged by the results of the new 2D seismic in
Namibia, which we feel have significantly de-risked our acreage
with particular reference to the Gemsbok prospect. In Italy we have
passed a significant milestone in the process towards the final
award of blocks, which we view as potentially highly prospective
"
For further information please visit www.glo-pet.com.au or
contact:
Global Petroleum Limited
Peter Hill, Managing Director +44 (0) 20 7495
& CEO 6802
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
+44 (0) 20 7894
Sarah Wharry 7000
GMP FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Barney Hayward 3150
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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