30th Nov 2018 12:26
LONDON (Alliance News) - Global Petroleum Ltd on Friday reported rejection of appeals against two environmental approvals granted to the company's applications in Italy.
The company said that the Administrative Tribunal in Rome rejected two appeals against the environmental decrees for the company's permit applications in the Southern Adriatic.
Chief Executive Officer Peter Hill said: "We believe that the rejection by the tribunal of the two appeals on which they have so far ruled is indicative of the lack of merit of the appeals made in connection with all four of our applications."
"These two rulings represent a major step towards ultimate grant of permits to the company in what we consider to be a highly prospective area, as demonstrated by the activities of the major and substantial independent companies who are engaged in large-scale exploration projects close by in the Italian offshore, and in neighbouring jurisdictions in the Southern Adriatic, where very high value exploration programmes have been committed to."
The company was originally granted the environmental decrees in respect of four applications in October 2016.
However, "various entities" then appealed against the 2016 decrees, with a court hearing scheduled for October 2018.
Only two of all the appeals have been heard so far with the remaining expected in the first quarter of 2019.
"These two appeals are the only ones on which the Tribunal has so far formally ruled and, consequently, Global considers that an important precedent has been set for the court to reject the remaining appeals when they are heard," the company added.
Back in July 2017, Global Petroleum said it was taking steps to oppose appeals against environmental decrees over its permit applications in the South Adriatic sea.
Global Petroleum share were trading down 2.7% at 1.90 pence each.
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