Global Petroleum Sees Progress with Licenses
Junior explorer Global Petroleum reported Friday that it is making progress with its licenses offshore East Africa and in Italy, while also confirming that it has agreed a 12-month extension to the initial exploration period of its license in Namibia.
Global said that discussions are ongoing with the French authorities about renewing the firm's Juan de Nova East permit, which covers 3,350 square miles and is situated to the east of the small island of Juan de Nova in the Mozambique Channel.
A petroleum systems review of Juan de Nova Est, including reprocessing of historic 2D seismic data, was completed in 2013. Global said that results appear to show a thick and potentially prospective stratigraphic section in deep water in both the northern and southern triangles of the block, and that these are encouraging enough to justify renewal of the permit.
Accordingly, an application by the joint venture partners to renew approximately 1,675 square miles (equating to 50 percent of the existing Permit area) of the Juan de Nova Est Permit was submitted to the French Authorities on August 28. Following subsequent dialogue with the authorities, the company is now awaiting a response to the application.
Should the renewal occur, Global will become operator of the permit with an increased holding in it.
Offshore Italy, Global is awaiting the final award of four permits in the southern Adriatic Sea, which is currently undergoing what the company described as "a significant new phase of oil and gas exploration".
Global's Namibian project consists of an 85-percent participating interest in Petroleum Exploration Licence Number 29 – which covers offshore blocks 1910B and 2010A. The initial exploration period of the license expires in December 2014, with Global having already fulfilled its work obligations.
Despite mixed exploration drilling results in Nambia, Global said it "remains optimistic" about the potential of its Namibian blocks given the technical differentiation between their prospectivity and the target drilled at Welwitschia-1A – which was plugged and abandoned after proving to be non-commercial.
Global CEO Peter Hill commented in a company statement:
"We continue to appraise a wide range of potential new opportunities. We are expending intensive effort with a view to meeting our priority of significantly growing the Company's portfolio. As previously reported we intend to acquire only what we regard as high-quality assets, bearing in mind our strong cash position compared to many of our peers."
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