TIDMGBP
RNS Number : 6132B
Global Petroleum Ltd
14 February 2022
14 February 2022
Global Petroleum Limited
("Global" or "the Company")
Hydrocarbon Plan Italy - Permit Applications
With reference to the Company's RNS of 14 January 2022, in which
Global announced the judgement of the European Court in its favour
, Global also noted the expected publication of the Hydrocarbon
Plan for future exploration and development in Italy ("Hydrocarbon
Plan"). The Company has been informed that the Hydrocarbon Plan
("PITESAI" in Italian) was published and came into legal effect on
Friday 11 February.
Global and its advisers will undertake a detailed study of the
Hydrocarbon Plan, with particular reference to the Company's four
permit applications in the Southern Adriatic ("Permit
Applications"). The Company will also take further advice as to the
process and timing for implementation of the Hydrocarbon Plan.
Having done so, the Company will assess its options in relation
to the Permit Applications and make a further announcement
accordingly.
For further information, please visit
http://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
& Joint Broker) 2500
John Prior / Ailsa MacMaster
Corporate Broking: Hugh Rich
ETX Capital (Joint Broker) +44 (0) 20 7392
Thomas Smith 1568
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
Background
1. Moratorium and Hydrocarbon Plan
In February 2019 the Italian Parliament passed legislation
suspending all hydrocarbon exploration activities - including
permit applications - for a period of 18 months. Under the
legislation, a Government appointed Commission was to review all
onshore and offshore areas for the stated purpose of evaluating
their suitability for hydrocarbon exploration and development in
the future. In doing so, the suitability of such activities in the
context of social, industrial, urban, water source and
environmental factors were to be evaluated. In offshore areas,
suitability would additionally be assessed having regard to the
impact of such activity on the littoral environment, marine
ecosystems and shipping routes. Following the 18 month evaluation
period, the intention was that a Hydrocarbon Plan would be
activated, setting out a strategy for future exploration and
development.
Following the expiry of its initial 18 month term, the
moratorium was extended twice. The latest, and final, extension
reportedly expired on 30 September 2021. The Company is advised
that the Commission completed its deliberations in the latter part
of 2021, and the Hydrocarbon Plan was published on 11 February
2022.
2. Global Permit Applications
In August 2013, the Company submitted an application, proposed
work programme and budget to the Italian Ministry of Economic
Development for four exploration areas offshore Italy in the
Southern Adriatic (the "Permit Applications") - d80 F.R-GP, d81
F.R-GP, d82 F.R-GP and d83 F.R-GP. The Company's four Application
Blocks are contiguous with the Italian median lines abutting
Croatia, Montenegro and Albania respectively (Figure 1 below).
As previously reported, various local authorities and interest
groups appealed to either the Rome Tribunal or the President of the
Republic against the Environmental Decrees in relation to the
applications for the four areas. Publication of Environmental
Decrees is the final administrative stage before grant of the
Permits. All first instance appeals made to the Rome Tribunal and
to the President of the Republic were subsequently adjudicated in
Global's favour.
However, Puglia, as the Italian region principally interested,
made additional appeals to the Council of State (the highest level
of appeal in Italy) against the judgements of the Rome Tribunal.
The subsequent appeals were heard by the Council of State in
January 2020, and in February 2020 the Council of State issued a
judgement. Essentially, the Council of State suspended the
proceedings before it and referred the matter to the European
Court, requesting the Court to rule whether the four Permit
Applications contravene a relevant EU Directive relating to the
maximum permissible size of individual permits, in particular
having regard to the fact that the four permit applications are
contiguous. The town of Margherita di Savoia also appealed to the
Council of State against the Rome Tribunal judgments previously
made against it. The Council of State has deferred the Hearing of
this appeal pending the judgement of the European Court with
respect to the Puglia appeal.
The European Court's Judgement (Global RNS of 14 January 2022)
found that "Directive 94/22 provides that the extent of the areas
covered by an authorisation and the duration of the authorisation
must be limited with a view to preventing the reservation to a
single entity of an unjustified exclusive right. According to the
Court, however, that same directive does not lay down any
limitation as regards the number of authorisations that may be
issued and/or the number of entities to which authorisations may be
issued."
According to the Court "national legislation which lays down an
upper limit on the size of the area that may be covered by a
hydrocarbon exploration permit, but does not expressly prohibit
granting the same operator more than one permit for adjacent areas
that together cover an area exceeding that limit, conforms to EU
law.
However, the Court makes that finding subject to two conditions:
first, such a grant must be capable of ensuring the best possible
exercise of the exploration activity concerned, from both a
technical and economic point of view, and the achievement of the
objectives pursued by Directive 94/22. Second, in the context of
the environmental impact assessment, the national legislation must
take into account the cumulative effect of projects likely to have
significant effects on the environment, presented by that operator
in its applications for hydrocarbon exploration permits".
Global's Italian legal advisers have informed the Company that
the two conditions specified by the Court have both, in effect,
already been satisfied by specific provisions in Italian
legislation, to which the Permit Applications are by definition
subject.
http://www.rns-pdf.londonstockexchange.com/rns/6132B_1-2022-2-14.pdf
-ends-
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