Global Petroleum Limited (AIM: GBP, ASX: GBP) announced that its wholly owned subsidiary, Jupiter Petroleum (Namibia) Limited, has agreed with the Namibian Ministry of Mines and Energy an extension to the First Renewal Exploration Period (Phase 2) of 12 months to 3 December 2018 for Petroleum Exploration Licence No. 29, which covers Blocks 1910B and 2010A, in the Walvis Basin offshore Namibia. In addition, the MME has agreed entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years.
“Global, via Jupiter, holds an 85% participating interest in the Licence, which was originally issued on 3 December 2010 and then covered 11,730 square kilometers located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres. In December 2015, the Company entered into Phase 2, making a mandatory relinquishment of 50% of the Licence Area. Phase 2 was for a duration of 24 months. The renegotiated reduced Minimum Work Programme agreed with the MME involved the reprocessing of all existing 2D seismic lines across the retained portion of the Licence and the acquisition of 800km of long offset 2D seismic data over the retained acreage, in place of the previous well commitment. Interpretation of the newly acquired 2D data was completed in October 2017.
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