27 November 2024
The information contained within this announcement is deemed
by the Company to constitute inside information under the UK Market
Abuse Regulations ("MAR"). Upon the publication of this
announcement via a Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public
domain.
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
