14th Mar 2018 12:15
LONDON (Alliance News) - Global Petroleum Ltd on Wednesday reported a broadly flat annual loss for its first half, as it progressed on its exploration project in Namibia.
The company's pretax loss for the six months to December stood at USD975,145, compared to USD957,681 pretax loss in the prior year.
Cash at the end of 2017 was USD6.1 million, compared to USD7.8 million at the end of June, and the company has no debt.
Global Petroleum's main assets are the 1910B and 2010A offshore blocks in Namibia's Walvis basin, in which it has an 85% stake through its subsidiary Jupiter Petroleum (Namibia) Ltd.
During the period it agreed with the Namibian Ministry of Mines & Energy for an extension to December this year of the first renewal exploration period on its Walvis exploration licence.
It also acquired 2D seismic data over its acreage during June and July last year, completing interpretation, which contributed to a competent persons report which was finished after the period end.
In Italy, where it has four offshore applications, authorities released in October environmental decrees covering the final two applications in the southern Adriatic. A number of appeals were made against the decrees, against which Global Petroleum will defend as it did for the first two decrees.
Shares were down 3.8% on Wednesday at 1.78 pence each.
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