Global targets farmout of Namibian stakes

Global Petroleum, Namibia
Global Petroleum, Namibia

Australian firm Global Petroleum said today that it is preparing to kick-start the process of farming out stakes in two of its blocks offshore Namibia.

London and Australia-listed Global, which holds an 85% working interest in blocks 1910B and 2010A, has hired Stellar Energy Advisors to assist with the farmout.

Global chief executive Peter Hill said: “Following the publication of the competent person’s report, which has confirmed the high level of prospectivity on our blocks, we feel that the time is now right to commence a structured farmout process.

“We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration.

“We also regard Stellar as the advisor best placed to assist us in the farmout, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country.”