Global Petroleum Ltd Extension of Licence 0094 in Namibia (3977U)
July 29 2020 - 1:00AM
UK Regulatory
TIDMGBP
RNS Number : 3977U
Global Petroleum Ltd
29 July 2020
29 July 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Global Petroleum Limited
("Global" or "the Company")
Extension of Petroleum Exploration Licence 0094 in Namibia
Global Petroleum Limited (AIM: GBP) is pleased to announce in
connection with its licence PEL0094 (Block 2011A), offshore
Namibia, that the Ministry of Mines and Energy in Namibia (the
"Ministry") has agreed to extend the licence sub-period from
September 2020 to September 2021 and also to modify the work
commitments. Global holds a working interest of 78% and is operator
of the licence.
Under the terms of the Petroleum Agreement for PEL0094 signed in
September 2018, the four year Initial Exploration Period was split
into two sub-periods of two years each, with the first sub-period
ending in September 2020. The amendment to PEL0094 agreed by the
Ministry gives Global a further year to fulfil a modified work
commitment, after which Global may elect to enter the next licence
sub-period in September 2021.
The Company's announcement on 20 July 2020 detailed the updated
prospective resources in both the Marula and Welwitschia Deep
prospects in PEL0094 following interpretation of the 3D seismic
data licensed earlier this year. The modified work programme agreed
with the Ministry concentrates on the licensing of existing seismic
data and the carrying out of studies specifically designed to focus
on these two exciting prospects.
Peter Hill, Global Petroleum's CEO, commented:
"We would like to thank the Ministry of Mines and Energy and are
delighted to receive this extension to PEL0094, with the amended
work programme which enables us to focus on the principal prospects
in our acreage, further de-risked following our recent
re-interpretation of the historic 3D seismic."
For further information please visit: www.globalpetroleum.com.au
or contact:
+44 (0) 20 3 875
Global Petroleum Limited 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Sole Broker) 2500
Corporate Finance: Nicholas Harland / Ailsa
MacMaster
Corporate Broking: Hugh Rich
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes / Barney Hayward 3150
FURTHER BACKGROUND
Location of PEL0094 (Block 2011A)
Block 2011A covers an area of 5,798 square kilometres offshore
northern Namibia in water depths ranging from 400 to 1,500 metres.
It is adjacent and to the east of Global's Licence PEL0029 as shown
in figure 1 below.
http://www.rns-pdf.londonstockexchange.com/rns/3977U_1-2020-7-28.pdf
Participating Interests in PEL0094
Global is the operator of the licence and the participating
interests are:
78% Global Petroleum Namibia Limited* (100% owned subsidiary
of Global Petroleum Limited)
17% National Petroleum Corporation of Namibia (Proprietary)
Limited ("Namcor", the Namibian State Oil Company)
5% Aloe Investments Two Hundred and Two (Pty) Ltd ("Aloe",
a private Namibian company)
* Global Petroleum Namibia Limited also holds the Company's
interest in PEL0029 and was formerly known as Jupiter Petroleum
(Namibia) Limited.
Namcor and Aloe are carried by Global.
-ends-
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contact rns@lseg.com or visit www.rns.com.
END
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