29th Jan 2016 10:58
LONDON (Alliance News) - Global Petroleum Ltd on Friday said it made progress on its Namibian and Italian licences in the fourth quarter and said it was considering acquisitions, albeit very selectively.
The company said its exploration licence for the 1910B and 2010A blocks in the Walvis Basin, offshore Namibia, has been extended to cover phase 2 work on the site. Global Petroleum said the work done so far has increased confidence in the presence of a syn-rift oil play in the deep water region of the area.
Global Petroleum added it has made progress on the award of its four exploration licences offshore Italy and said it has been involved in talks with a number of parties regarding potential acquisitions, though it said would remain "extremely selective" on which deals it pursues given the current oil market conditions.
Global Petroleum shares were untraded Friday at 1.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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