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.
Global Petroleum has struck a deal with Seabird Exploration to buy 834-kilometres worth of 2D seismic data covering a Namibian licence. The survey will provide London and Brisbane-based Global Petroleum with more detail on the Gemsbok prospect. The survey will start late June or early July and take about two weeks to complete.
Global Petroleum said one of its non-executive directors has resigned from its board.
Global Petroleum's subsidiary Jupiter Petroleum has agreed with the Namibian authorities a two year renewal for petroleum exploration licence 29, which covers two blocks, 1910B and 2010A, in the Walvis Basin offshore Namibia.
Global Petroleum has chosen to withdraw from Juan De Nova Permit in the Mozambique Channel. The decision was taken as a result of slow progress in approval of an application for an extension two years ago. The company said there had been “no visibility” as to when a formal decision would be taken.
Australian oil and gas, upstream exploration company Global Petroleum today reports a widening of first half pre-tax losses to £1.54million. The latest trading deficit comes after losses of just over £1million a year earlier.
Global Petroleum has extended its Namibian exploration licence until the end of this year. At its annual general meeting in Brisbane in November 2014, it was agreed with the Namibian Ministry of Mines and Energy that the licence for the work program will now be valid until December. The news comes amid the fall in oil price, which Global Petroleum has "vindicated the its strategy of being selective in adding to its portfolio".