Global Petroleum Ltd Global Wins Further Appeals (6091Z)
May 21 2019 - 1:00AM
UK Regulatory
TIDMGBP
RNS Number : 6091Z
Global Petroleum Ltd
21 May 2019
21 May 2019
Global Petroleum Limited
("Global" or "the Company")
Global Wins Further Appeals Against Environmental Decrees in
Italy
Further to the Announcement made by the Company in December
2018, Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to
announce that the Administrative Tribunal in Rome has recently
rejected appeals made by a further four parties against the
Environmental Decrees for the Company's applications in the
Southern Adriatic.
Background
The Environmental Decrees for the Company's two applications
designated d82 F.R-GP and d83 F.R-GP were originally granted in
October 2016 ('2016 Decrees').
The Environmental Decrees for the two applications designated
d80 F.R-GP and d81 F.R-GP were issued in August and September 2017
respectively ('2017 Decrees').
Both the 2016 Decrees and the 2017 Decrees were the subject of
appeals by a number of parties, in respect of which the latest
Hearings took place in January and March 2019 respectively.
A total of twelve appellants made appeals against the 2016
Decrees and/or the 2017 Decrees, and all but one of such appeals
have now been rejected. Judgement is awaited in respect of the
appeal by the town of Trani in relation to the 2016 Decrees and the
Company expects such judgement to be consistent with those already
received.
The broader perspective is of course the moratorium imposed by
the Italian Government earlier this year on all hydrocarbon
exploration activities - including permit applications - for a
period of 18 months (Company Announcement of 15 February 2019).
The detailed status of all appeals is set out below.
Global CEO, Peter Hill, commented: "The latest rejection by the
Tribunal of the vast majority of outstanding appeals vindicates our
consistently held view that such appeals were entirely without
merit. In the wider context, we observe with interest the
developing opposition to the moratorium on exploration activity in
Italy".
For further information, please visit
http://www.globalpetroleum.com.au/ or contact:
Global Petroleum Limited
Peter Hill, Managing Director & CEO +44 (0) 20 7495 6802
Cantor Fitzgerald Europe (Nominated Adviser
& Joint Broker)
David Porter/Rick Thompson +44 (0) 20 7894 7000
GMP FirstEnergy Capital LLP (Joint Broker)
Hugh Sanderson +44 (0) 20 7448 0200
Tavistock (Financial PR & IR)
Simon Hudson / Nick Elwes / Barney Hayward +44 (0) 20 7920 3150
DETAILS OF APPEALS
Applications d82 F.R-GP and d83 F.R-GP
Appeals previously rejected:
Region of Puglia, town of Ostuni.
Appeals rejected in judgements issued May 2019:
Towns of Margherita di Savoia, Bari, Mola di Bari plus Societa
Cooperativa Pescatori (Fishermen's Association).
Judgement awaited:
Town of Trani (hearing held March 2019).
Applications d80 F.R-GP and d81 F.R-GP.
Appeals previously rejected:
Region of Puglia, towns of Bitetto, Fasano, Giovinazzo, Ostuni,
Polignano a Mare and Palo del Colle.
Appeals rejected in judgements issued May 2019:
Towns of Bari and Mola di Bari.
Permit Applications in the Southern Adriatic, Offshore Italy
In August 2013, the Company submitted an application and
proposed work programme and budget to the Italian Ministry of
Economic Development for four exploration areas offshore Italy (the
"Permit Applications" - Figure1).
Global considers the Permit Applications to lie in an area
prospective for both oil and gas. The Southern Adriatic is a proven
basin with Eni's developed and producing Aquila field located c. 30
km to the south, while adjacent acreage contains the Giove, Medusa
and Rovesti oil discoveries and the Falco gas discovery.
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 Energean and Eni/Novatek
(the latter just 35 km from the nearest of the Applications).
Eni/Novatek plan to spend nearly $100 million on exploration on
these permits, with seismic activity starting imminently. Energean
plan to spend nearly $20 million on its permits and is also
anticipating seismic acquisition this winter.
In Albania, Shell continues to evaluate its Shpirag discovery
and has recently added to its exploration portfolio with the
signing of a new onshore licence at the beginning of 2018.
The four Application blocks are contiguous with the Italian
median lines abutting Croatia, Montenegro and Albania respectively
(Figure 1).
http://www.rns-pdf.londonstockexchange.com/rns/6091Z_1-2019-5-20.pdf
-ends-
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END
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