Global Sees Progress with Southern Adriatic Permits
Junior explorer Global Petroleum reported Monday that it is continuing to make progress in securing permits over four exploration areas in the Adriatic Sea, offshore Italy.
The firm said that after permit applications it had submitted to the Italian Ministry of Economic Development were published at the end of September there were no other competitive bids for the permits during subsequent three months. This means that the company can now proceed with the next phase in the process and make an environmental compatibility application in relation to the permits.
Global said that the precise timetable for the final award of the four permits will be dependent on a satisfactory outcome to this process.
Global is seeking to gain permits over an area of the southern Adriatic, which it believes has "significant potential" for oil and condensate generated from both Liassic and Triassic source rocks. The firm has highlighted the area's basinal Aquila discovery as evidence of high prospectivity, given that it tested 3,300 barrels of oil per day of 36-degree API oil from Cretaceous carbonates, along with other nearby discoveries.
The southern Adriatic as a whole is currently undergoing a significant new phase of oil and gas exploration, with a number of recent applications in the Adriatic close to Global's permit applications. Adjacent to Italian waters, Montenegro has recently launched a licensing round, with Croatia likely to follow with its own licensing round shortly.
Global CEO Peter Hill commented in a company statement:
"We are delighted with the significant progress of our four applications offshore Italy, which we believe lie in and around a proven hydrocarbon basin in the southern Adriatic. Building a diversified portfolio of quality projects is a key component of the board's current strategy and we believe these permits have the potential to deliver future value for our shareholders. We look forward to making further announcements on progress and developments in due course."
Global Petroleum also announced Monday that it has appointed John Alexander van der Welle as its non-executive chairman. Global said that van der Welle is an accountant with 30 years' experience in the oil and gas industry. He has served as a senior director at several upstream oil and gas companies, including Enterprise Oil, Hardy Oil and Gas, Premier Oil, First Calgary Petroleums and Stratic Energy Corporation, and he currently serves in a non-executive capacity on the boards of Hurricane Energy and Lekoil.
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