TIDMGBP
RNS Number : 0205V
Global Petroleum Ltd
31 October 2017
31 October 2017
Global Petroleum Limited
SEPTEMBER 2017 QUARTERLY REPORT
The Board of Global Petroleum Limited ("Global" or "Company")
presents its Quarterly Report for the period ending 30 September
2017.
Summary
-- The Company's Petroleum Exploration Licence ('Licence' ) -
currently in its second phase- covers two Blocks, 1910B and 2010A
in the Walvis Basin offshore Namibia, and Global is currently
negotiating an extension of the Licence with the Namibian
authorities. The Company announced post the reporting period that
processing and interpretation of the 2017 2D seismic data acquired
over the Company's acreage is now complete and that Management
believes that the new information has significantly improved the
prospectivity across block PEL 0029 in general and the Gemsbok
prospect in particular. The Company further announced that it has
commissioned a Competent Persons Report ("CPR") in respect of its
Namibian acreage and that it subsequently intends to launch a
structured farmout process.
-- In Italy, the Company also announced that that the remaining
two Environmental Decrees - designated d 80 F.R-GP and d 81 F.R-GP
- in relation to the Company's four applications offshore Southern
Adriatic ("the Applications"), have now been published by the
Italian authorities.
-- Global remains in a strong cash position in comparison to
many of its peers, and is thus well placed to fund activity on its
Namibian acreage, its Italian application interests (subject to
award), and retains the option to implement a change of focus
through acquisition.
For further information please visit www.globalpetroleum.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
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
+44 (0) 20 7894
Sarah Wharry 7000
GMP FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Barney Hayward 3150
Namibian Project
The Namibian Project consists of an 85% participating interest
in Petroleum Exploration Licence Number 29 ("Licence") covering
Offshore Blocks 1910B and 2010A in the Republic of Namibia. The
Licence, issued on 3 December 2010, originally covered 11,730
square kilometres and is located offshore Namibia in water depths
ranging from 1,300 metres to 3,000 metres (Figure 1).
In December 2015, the Company entered into the First Renewal
Exploration Period (Phase 2) of the Licence, making a mandatory
relinquishment of 50% of the Licence Area. Phase 2 is for a
duration of 24 months with a reduced Minimum Work Programme. In
place of the previous well commitment in Phase 2, the Company
undertook to reprocess and re-interpret previously acquired 2D
seismic data, and to shoot 800 kilometres of new 2D data. To this
end, the Company's technical team evaluated reprocessed 2D seismic
data from the 1990s and also reprocessed speculative 2D seismic
data shot over its Blocks in 2011/12 by TGS, both of which were
purchased in 2016. Following the reprocessing and evaluation of the
historic 2D data, the Company entered into a contract with Seabird
Exploration of Norway in order to acquire 834 km of full fold 2D
seismic data over its Blocks, which was shot in June/ July 2017.
Processing and interpretation of the new 2D seismic data is now
complete.
Management believes that the new information has significantly
improved the prospectivity across block PEL 0029 in general and the
Gemsbok prospect in particular. Better imaging from the new 2D data
reveals that the known source rock intervals are likely to be
within the oil generative window and this, combined with data
showing repeating oil seeps along the faulted flanks of Gemsbok,
has greatly improved the chance of a major oil discovery. Gemsbok
remains the Company's primary exploration target.
The Company has commissioned a Competent Persons Report ("CPR")
in respect of its Namibian acreage from the consultants AGR Tracs,
which is expected to be completed by the end of the year. A CPR is
an independent technical report on oil and gas assets.
It is then the intention of the Company to launch a structured
farmout process of its Namibian acreage with a view to seeking a
partner to fund future operations on the block, commencing with 3D
seismic.
The Company's wholly owned subsidiary, Jupiter Petroleum
(Namibia) Limited, remains operator with an 85% interest in the two
blocks, with partners NAMCOR and Bronze Investments Pty Ltd
(Bronze) holding 10% and 5% respectively, both as carried
interests.
http://www.rns-pdf.londonstockexchange.com/rns/0205V_-2017-10-30.pdf
Permit Applications in the Southern Adriatic, Offshore Italy
In August 2013, the Company submitted an application and
proposed work programme and budget to the Italian Ministry of
Economic Development for four exploration areas offshore Italy (the
"Permit Applications" - Figure 2). The Company recently announced
that the remaining two Environmental Decrees in relation to the
Permit Applications had been published by the Italian authorities.
Publication of Environmental Decrees is the final administrative
stage before grant of the Permits.
The new Decrees relate to the applications designated d 80
F.R-GP and d 81 F.R-GP, Environmental Decrees for d 82 F.R-GP and d
83 F.R-GP having been published in October 2016. As previously
reported, various local authorities and interest groups appealed
against the Decrees in relation to d 82 F.R-GP and d 83 F.R-GP, and
the Company is taking the necessary steps to oppose all of those
appeals, which are in the process of being heard by the competent
legal tribunal in Rome. Global understands that recent appeals
against other Environmental Decrees in the Southern Adriatic have
been rejected by the same tribunal.
The Southern Adriatic and adjacent areas continue to be the
focus of industry activity. Most notably, in Montenegro offshore
concessions were awarded in 2016 /2017 to Marathon, OMV and
Eni/Novatek (the latter just 35 km from the nearest of the
Applications). The four Application blocks are contiguous with the
Italian median lines abutting Croatia, Montenegro and Albania
respectively (Figure 2).
http://www.rns-pdf.londonstockexchange.com/rns/0205V_1-2017-10-30.pdf
Business Development
Global remains in a strong cash position in comparison to many
of its peers, and is thus well placed to fund activity on its
Namibian acreage, its Italian application interests (subject to
award), and retains the option to implement a change of focus
through acquisition .
Corporate
Post the reporting period, on 9 October, the Company announced
the retirement on 31 December of Mr Damien Cronin, a Non-Executive
Director of the Company and its Company Secretary, the appointment
of Mr Andrew Draffin as Company Secretary from 1 January and the
appointment from 9 October of Mr Garrick Higgins as a Non-Executive
Director. Mr Higgins offers himself for election at the Company's
Annual General Meeting which will be held in Brisbane on 14
November.
ASX Listing Rule 5.4.3
Global provides the following information in accordance with ASX
Listing Rule 5.4.3:
-- The Company holds Petroleum Exploration Licence Number 29
covering Offshore Blocks 1910B and 2010A in the Republic of
Namibia
-- No granted petroleum tenements were acquired or disposed of
by the Company during the reporting period.
-- No beneficial percentage interests in joint venture, farm-in
or farm-out agreements were acquired or disposed of by the Company
during the reporting period.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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