Project Updates
27/11/2024 15:40
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RNS Number : 9083N Global Petroleum Ltd 27 November 2024
27 November 2024
The information contained within this announcement is deemed by the Company to
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Global Petroleum Limited
("Global" or "the Company")
Project Updates
Global Petroleum Limited (LSE AIM:GBP) is pleased to update our shareholders
on the progression of the Namibia oil and gas PEL94 project ("PEL94") and Juno
Project ("Juno").
PEL94, Namibia
Global in recent months has been actively working with a commercial farm-out
partner to secure a farm-out agreement for the PEL94 oil and gas exploration
licence. As part of the process, Global has also been engaging with our
current JV partners in the licence, Namcor and Aloe, to get their final
approval over the farm-out agreement.
Discussions have been positive and progressing well on all fronts with a
series of meetings to be held in London over the next two weeks with the
commercial farm-out partner. The aim by Global and the commercial farm-out
partner is to have the farm-out agreement finalised by the end of the calendar
year and then moving onto the final formal approvals required to complete the
process.
Juno Project, Western Australia
Juno Project has been progressing positively with recent aeromagnetic survey
data which confirmed the location, highlighted the strong intensity and
verified the large size of the Juno magnetic feature. For context gold and
copper mineralisation at Havieron was discovered following exploration
drilling of a strong discrete magnetic feature. Havieron and Telfer are large
gold and copper deposits located in the north of Western Australia. Global's
main focus at Juno is targeting Intrusion Related Gold Systems (IRGS) similar
to Havieron and Telfer.
Global also announced the commencement of a ground-based gravity survey at the
Juno Project with data due in the next few weeks.
Both the results of modelling of detailed aeromagnetic and ground gravity data
will be used to locate Global's first exploration drillholes at the large Juno
target with the same techniques used to successfully intersect buried high
grade gold and copper mineralisation at the Havieron IRGS discovery.
Hamza Choudhry, CFO of Global Petroleum commented:
"We are at an important juncture in Global's future with talks getting to an
advanced stage with the PEL94 farm-out agreement and ensuring we can be first
movers in the Walvis Basin. We want to ensure that Global and our shareholders
can maximise the value a farm-out can bring to the licence with our estimate
of the total unrisked gross Prospective Resources (Mean Estimate) of 2,230
million barrels of oil in PEL94 licence.
We are also excited and encouraged by the progress at Project Juno as
displayed by the recent aeromagnetic results, based upon which we decided to
expedite the commencement of the ground-based gravity survey. Working with our
world class JV partner Callum Baxter allows us to utilise this data and with
his expertise significantly enhance our ability to target mineralisation and
Intrusion Related Gold Systems (IRGS) similar to Havieron and Telfer at the
Juno Project.
We will be keeping shareholders up to date with timely updates on progress on
all fronts. We thank our shareholder for their continued support as always."
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 3003 8632
Douglas Crippen
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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