Global Petroleum has gained a new licence extension to blocks offshore Namibia for which it is still looking for an exploration partner.
Through wholly-owned subsidiary Jupiter Petroleum Ltd., Global has been permitted to prolong its initial exploration period for Petroleum Exploration License 29 covering Blocks 1910B and 2010A in the Walvis Basin with validity now extended 12 months until December 2015.
Moving into a second exploration period would have involved drilling a commitment well. Instead Global has committed to a work programme involving further interpretation of existing seismic data, following an agreement reached with the Namibian Ministry of Mines and Energy.
Global, through Jupiter, retains 85% equity in the license block, partnered by NAMCOR, and Bronze Investments, which hold 10% and 5% equity.
While grateful for continued support from the Namibian government, Global’s chief executive Peter Hill underlined that the company is still seeking a partner to help fund a future work program including the acquisition of 3-D seismic data.
“We are mindful of the wider context which is that disappointing drilling results both in Namibia and in Atlantic Margin frontier plays generally have affected industry and market sentiment,” Hill commented. “This sentiment has undoubtedly had a bearing on our farm-out process in Namibia, and we intend to take it into consideration in assessing the risk profile of potential new opportunities to complement our existing assets. We continue to retain a strong cash position, and we will be highly selective in the investment of these funds,” Hill promised.