Global Petroleum Ltd Environmental Decrees Received (6686N)
28 October 2016 - 5:00PM
UK Regulatory
TIDMGBP
RNS Number : 6686N
Global Petroleum Ltd
28 October 2016
28 October 2016
Global Petroleum Limited
("Global" or "the Company")
Environmental Decrees Received from the Italian Ministry of the
Environment in Respect of Two of Global's Four Permit Applications
in the Southern Adriatic
Global (AIM: GBP, ASX: GBP) is pleased to announce that
environmental decrees have been published by the Italian
authorities in relation to two of the Company's four applications:
for d 82 F.R-GP and d 83 F.R-GP. The Company expects the
environmental decrees in respect of the remaining two applications
- d 80 F.R-GP and d 81 F.R-GP - shortly. Publication of
environmental decrees is the final administrative stage before
grant of the permits.
http://www.rns-pdf.londonstockexchange.com/rns/6686N_-2016-10-27.pdf
The Company submitted the applications together with proposed
work programmes and budgets to the Italian Ministry of Economic
Development for the four contiguous exploration areas in late 2013,
(the "Applications"). The Company has been informed that it has
duly satisfied the regulatory requirements in relation to technical
and financial capacity, and publication of the environmental
decrees constitutes environmental approval for two of the four
Applications.
During the time that the Italian authorities have been
processing the Applications, Global has been carrying out a review
of available well and seismic data, and previous studies to assess
the prospectivity of the licences. The review demonstrates that the
Applications are favourably positioned within, or at the edge of,
the Southern Adriatic basin in which the currently producing Aquila
field is located, and which has seen considerable recent interest
from large oil companies. In the acreage covered by the
Applications, multiple prospects and leads can be defined of which
the most significant is the Daunio lead, which as currently mapped
has a large areal extent of close to 100 sq km. Once the permits
are awarded, the Company expects to carry out reprocessing of
existing seismic data followed by the acquisition of new 2D, both
of which will allow the prospects to be defined in more detail.
Seismic acquisition companies are planning to run large
multi-client 2D acquisition programmes in the Italian Southern
Adriatic. More generally in the region, recent licensing rounds
have attracted the interest of large companies. It is worth noting
that the Applications abut the median lines with Croatia,
Montenegro and Albania respectively (the entire median line in the
case of Montenegro - see map).
There was a successful offshore licensing round in Croatia in
2015 and several licences were awarded in Albania (onshore and
offshore) in 2016. Shell has operated with some success in Albania
exploring and developing fields with similar geological
characteristics to those encountered offshore in the Southern
Adriatic. In Greece, there has been a major offshore licensing
round off the west coast of the country, and also to the south of
Crete.
Perhaps most significantly, in Montenegro, offshore concessions
have very recently been awarded to Marathon, OMV and Eni. The Eni
concessions (where they are partnered by Novatek) are around 40 km
from the nearest one of the Applications.
Both the extent of licensing / farm-in activity and also the
size of the companies involved underscore the interest in the
Adriatic area, notwithstanding the low oil price environment. These
developments are viewed very positively by the Company as an
endorsement of its Adriatic focus.
Commenting on the environmental decrees, Peter Hill, Global's
CEO, said: "We believe the Adriatic, a politically stable and
unde-rexplored region, is gearing up for an exciting new stage of
oil and gas exploration, and we are pleased to be taking the final
steps on the path to award of our permits. Early indications are
that our permit applications are in an area with a very good
address."
For further information please visit www.glo-pet.com.au or
contact:
Global Petroleum Limited
Peter Hill, Managing Director +44 (0) 20 7495
& CEO 6802
+61 (0) 7 3310
Damien Cronin, Company Secretary 8732
RFC Ambrian Limited (Nominated
Adviser & Joint Broker)
+44 (0) 20 3440
Charlie Cryer / Oliver Morse 6800
FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Niall Walsh 3150
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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