14th Jan 2022 10:39
Global Petroleum Ltd - oil & gas exploration in Africa and the Mediterranean - Announces that the European Court has found that its four permit applications offshore Italy in the Southern Adriatic do not contravene EU law. The company had said back in July 2019 that the Region of Puglia appealed to the Council of State, the highest level of appeal in Italy, against judgements related to four environmental decrees. In February last year, the Council of State suspended the proceedings and referred the matter to the European Court, requesting the court to rule whether permit applications contravened an EU directive relating to the maximum size of permits.
The European Court makes the positive finding for the oil exploration firm subject to two conditions. Firstly, a grant must be capable of ensuring the "best possible exercise of the exploration activity concerned". Secondly, the national legislation must take into account the cumulative effect of projects likely to have significant effects on the environment, presented by that operator in its applications for hydrocarbon exploration permits.
Global Petroleum says it intends to consult with its advisers regarding the best way forward to meet the conditions.
Current stock price: 0.65 pence, up 11% Friday
12-month change: down 45%
By Will Paige; [email protected]
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