Global Petroleum shares rise on progress in Namibia

by | Aug 14, 2023

(Sharecast News) – Shares in Global Petroleum jumped on Monday after the AIM-listed oil and gas group said its flagship project in Namibia has entered its next phase.
Namibia’s Ministry of Mines and Energy has given approval for Global Petroleum and its partners to proceed to the first renewal period (FRP) of Walvis Basin licence PEL 94, with a duration between September 2023 and September 2025.

A two-year term is a positive outcome as the company had originally expected to be only given a one-year extension to its initial exploration period (IEP).

During this time, the company will acquire, process and interpret 2,000kms of 3D seismic data, with a view to drill a well.

“Importantly, the Ministry has waived the usual requirement to relinquish 50% of the licence area at the end of the IEP,” Global Petroleum said in a statement.

“This means that Global and its partners have retained all of the prospectivity of the licence on entry to the FRP – notably both of the primary prospects, Marula and Welwitschia Deep, together with the leads which the company has identified in the eastern part of the licence.”

The stock was up 5% at 0.15p at 0940 BST.

Related articles

Pollen Street AuM continues to grow in Q3

Pollen Street AuM continues to grow in Q3

(Sharecast News) - Asset manager Pollen Street said on Wednesday that assets under management continued to grow in the three months ended 30 September. Pollen Street said assets under management closed the period at £4.2bn, up from £3.4bn at the end of the previous...

Baltic Classifieds H1 revenues grow

Baltic Classifieds H1 revenues grow

(Sharecast News) - Online classifieds business Baltic Classifieds said on Wednesday that it has continued to build on the momentum seen in the previous trading year, with both interim revenue and underlying earnings growing. Revenue grew 20% to €35.8m, while core...

PPHE Hotel Group names Kenneth Bradley as deputy chairman

PPHE Hotel Group names Kenneth Bradley as deputy chairman

(Sharecast News) - Hospitality real estate business PPHE Hotel Group has tapped Kenneth Bradley to take over as non-executive deputy chairman, effective immediately. PPHE Hotel Group said on Wednesday that Bradley, who served as an independent non-executive director...

Latest Articles

Join our mailing list

Subscribe to our mailing list to receive regular updates!