12 August 2024
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") as applied in
the United Kingdom. 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")
PEL 94 License Update and Strategic
Expansion
Global Petroleum Limited (LSE AIM: GBP) is
pleased to provide the following update on the Company's recent
developments and strategic progress as it continues to execute its
growth plans.
Namibia: PEL
94 and Farm-In Process
Following recent activity in the Walvis Basin,
offshore Namibia, the Company has seen increased interest in the
data room for PEL94 from various parties. As a result, Global has
entered into early commercial discussions with a potential
operating partner ("Partner") for a Farm-In agreement
for its licence PEL94.
Global believes a Farm-In, if successfully
concluded, could be transformational for the business, with a
strategic partner potentially enabling the exploitation of
the estimated 2,747 million barrels of oil ("barrels")
on the licence (Unrisked Net Best Estimate (P50) Prospective
Resources - as previously announced on 27 March 2023).
Global is hopeful in reaching a mutually
beneficial agreement with the Partner in due course following
further due diligence and negotiations.
The Company is renewing the annual licence
rental for the period of 2024/2025 as it enters the second year of
the First Renewal Period in September 2024.
The Company recently completed a formal
representation meeting at the Ministry of Mines and Energy in
Windhoek, Namibia where the Company's future plans were discussed.
Global would like to thank the Namibian Government for their
ongoing support and hospitality during the visit and looks forward
to expanding this relationship further.
Diversification of the Asset
Portfolio
Global has been positioned as an oil and gas
upstream exploration company focused on Africa and the
Mediterranean. The Company's primary aim is to enhance
shareholder value and in addition to oil and gas exploration
prospects, Global is actively assessing opportunities across the
mineral resources sector and positioning itself as a multi-resource
company with a diversified commodities portfolio.
For further
information please visit: www.globalpetroleum.com.au or
contact:
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Global
Petroleum Limited
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+61 3 8611 5333
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Andrew Draffin, Company Secretary and
non-Executive Director
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SPARK Advisory
Partners (Nominated Adviser)
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+44 (0) 20 3368 3555
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Andrew Emmott
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CMC Markets
(Joint Broker)
Tom Curran/Thomas Smith
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+44 (0) 20 7170 8200
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SI Capital
Limited
Nick Emerson
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+44 (0) 14 8341 3500
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Tavistock
(Financial PR & IR)
Simon Hudson / Nick Elwes
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+44 (0) 20 7920 3150
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