TIDMGBP
RNS Number : 0242J
Global Petroleum Ltd
30 November 2018
30 November 2018
Global Petroleum Limited
("Global" or "the Company")
Global Wins Appeals Against Environmental Decrees in Italy
Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to
announce that two appeals against the Environmental Decrees for its
applications in the Southern Adriatic have been rejected by the
Administrative Tribunal In Rome. These two appeals are the only
ones on which the Tribunal has so far formally ruled and,
consequently, Global considers that an important precedent has been
set for the court to reject the remaining appeals when they are
heard.
Background
The Environmental Decrees ('2016 Decrees') for the two
applications (designated d82 F.R-GP and d83 F.R-GP) were originally
granted in October 2016. Various entities then appealed against the
2016 Decrees. The appeals were scheduled to be heard in Rome on 23
October 2018 but five of the appellants filed further grounds of
appeal at the hearing itself, obliging the Tribunal to defer those
appeals until Q1 2019.
As regards the two appeals which were heard on 23 October (made
by the Region of Puglia and the town of Ostuni), the Tribunal has
now issued judgements rejecting both of those appeals.
Regarding the two contiguous applications made by the Company
(designated d80 F.R-GP and d81 F.R-GP), the relevant Environmental
Decrees were issued in August and September 2017 respectively
('2017 Decrees').
The 2017 Decrees were the subject of appeals by similar, though
not identical, parties, and were scheduled to be heard on 20
November 2018.
On this occasion six of the appeals were actually heard (those
by the Region of Puglia and by the towns of Bitetto, Fasano,
Giovinazzo, Ostuni and Polignano a Mare) and five of the appeals
were deferred until January 2019, again because the appellants
filed further grounds of appeal at the hearing itself.
Global is currently awaiting publication by the Tribunal of its
judgement in respect of the six appeals which were heard on 20
November (relating to the 2017 Decrees).
The Company and its advisers consider the outcome of the two
appeals in respect of which the Tribunal has so far published its
judgement - relating to the 2016 Decrees - to be of key
significance.
By way of contrast, the very late addition by other appellants
of further grounds of appeal, in relation to both the 2016 Decrees
and the 2017 Decrees - in both cases long after they made their
original appeals - is viewed by the Company and its advisers as
being tactical and without merit.
Accordingly, the Company is optimistic of a similar successful
outcome with regard to all outstanding appeals.
Further details of both sets of appeals are provided below.
Global CEO, Peter Hill, commented: "We believe that the
rejection by the Tribunal of the two appeals on which they have so
far ruled is indicative of the lack of merit of the appeals made in
connection with all four of our applications. These two rulings
represent a major step towards ultimate grant of permits to the
Company in what we consider to be a highly prospective area, as
demonstrated by the activities of the major and substantial
independent companies who are engaged in large-scale exploration
projects close by in the Italian offshore, and in neighbouring
jurisdictions in the Southern Adriatic, where very high value
exploration programmes have been committed to."
For further information, please visit
http://www.globalpetroleum.com.au/ or contact:
Global Petroleum Limited
Peter Hill, Managing Director & CEO +44 (0) 20 7495 6802
Cantor Fitzgerald Europe (Nominated Adviser
& Joint Broker)
Nick Tulloch / David Porter +44 (0) 20 7894 7000
GMP FirstEnergy Capital LLP (Joint Broker)
Hugh Sanderson +44 (0) 20 7448 0200
Tavistock (Financial PR & IR)
Simon Hudson / Barney Hayward +44 (0) 20 7920 3150
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" - Figure1).
As previously reported, various local authorities and interest
groups appealed against the Environmental Decrees in relation to
applications d82 F.R-GP and d83 F.R-GP, which were published in
October 2016. Publication of Environmental Decrees is the final
administrative stage before grant of the permits. The appeals
against them were scheduled to be heard by the Latium
Administrative Tribunal (Rome) in October 2018.
The Company announced in October 2017 that the remaining two
Environmental Decrees in relation to the Permit Applications,
designated d80 F.R-GP and d81 F.R-GP, had been published by the
Italian authorities.
As with the previous two Environmental Decrees, a number of
appeals by various interested parties against the new Decrees have
been notified to the Company and the appeals against the 2017
Decrees were scheduled to be heard in November 2018.
Global is encouraged that the appeals are in the process of
being heard. The Company also understands that recent appeals
against other Environmental Decrees in the Southern Adriatic have
been rejected by the same tribunal.
Global considers the Permit Applications to lie in an area
prospective area for both oil and gas. The Southern Adriatic is a
proven basin with Eni's developed and producing Aquila field
located c. 30 km to the south, while adjacent acreage contains the
Giove, Medusa and Rovesti oil discoveries and the Falco gas
discovery.
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 Energean and Eni/Novatek
(the latter just 35 km from the nearest of the Applications).
Eni/Novatek plan to spend nearly $100 million on exploration on
these permits, with seismic activity starting imminently. Energean
plan to spend nearly $20 million on its permits and is also
anticipating seismic acquisition this winter.
In Albania, Shell continues to evaluate its Shpirag discovery
and has recently added to its exploration portfolio with the
signing of a new onshore licence at the beginning of 2018.
The four Application blocks are contiguous with the Italian
median lines abutting Croatia, Montenegro and Albania respectively
(Figure 1).
FIGURE 1 - Map showing Global Petroleum Licences in Italian
Southern Adriatic
http://www.rns-pdf.londonstockexchange.com/rns/0242J_1-2018-11-30.pdf
-ends-
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END
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