31st Jul 2015 08:42
LONDON (Alliance News) - Global Petroleum Ltd Friday said its latest work on two of its Namibian blocks is nearing completion and said it still waiting to hear about its applications for licenses in Italy.
The company said its evaluation to find out if two blocks in Namibia have potential to host hydrocarbons deeper down than previously explored is nearing completion, which will be added to the existing results from the seismic and gravity work already conducted, which yielded "encouraging" results.
That evaluation over blocks 1910B and 2010A follows on from Global securing a 12 month extension until December 2015 to its exploration license with authorities in the country.
The company also reiterated it is still waiting to hear back from Italian authorities concerning approval for its environmental impact assessment applications that were submitted in the middle of 2014.
Global shares were down 2.4% to 1.83 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Global Petroleum