14th Aug 2023 09:07
Global Petroleum Ltd - Africa and Mediterranean focused oil and gas explorer - Receives approval from the Namibian Ministry of Mines & Energy for the next licence phase of Walvis Basin PEL 94. Says the first renewal period for the licence will allow it to acquire, process and interpret 2,000 kilometres of 3D seismic data from the initial exploration period. Adds that the renewal period will last from this September to September 2025. Notes that the ministry has waived the requirement to relinquish 50% of the licence area at the end of the initial exploration period.
Chief Executive Officer Peter Hill says: "We are very pleased to enter the next phase of PEL 94 with the prospectivity intact and the flexibility which a two-year term gives to us and our partners."
Current stock price: 0.16 pence, up 10% on Monday
12-month change: down 64%
By Sabrina Penty, Alliance News reporter
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