PEL 94 License Update and Strategic Expansion
12/08/2024 07:00
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RNS Number : 9868Z Global Petroleum Ltd 12 August 2024
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
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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:
Global Petroleum Limited +61 3 8611 5333
Andrew Draffin, Company Secretary and non-Executive Director
SPARK Advisory Partners (Nominated Adviser) +44 (0) 20 3368 3555
Andrew Emmott
CMC Markets (Joint Broker) +44 (0) 20 7170 8200
Tom Curran/Thomas Smith
SI Capital Limited +44 (0) 14 8341 3500
Nick Emerson
Tavistock (Financial PR & IR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
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