Global Petroleum Looking to Acquire New Projects, Remains 'Selective'

Global Petroleum Limited revealed Friday that it was interested in investing in new projects, although admitted that it would be “extremely selective” in choosing such ventures.

The company stated that it remains in a strong financial position to “implement a change of focus through acquisition”, despite the low oil price, and said that it had already been involved in a number of detailed negotiations with other companies holding appropriate assets. No transactions have been concluded however, primarily due to issues relating to the lack of access to capital which have plagued firms that Global has been in contact with.

In its latest quarterly report, Global Petroleum said in a company statement:

“The company remains extremely selective regarding the quality of assets it would consider investing in, and the terms of such investment.”

Global’s exploration license covering blocks 1910B and 2010A in the Walvis Basin, offshore Namibia, has been extended by the Namibian authorities by 24 months from December 3, 2015. The extension includes a reduced minimum work program which doesn’t require a well commitment anymore. The license was previously extended for one year until December 2015, in return for an additional work program, involving modelling using both seismic and gravity data.