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(Sharecast News) - Global Petroleum announced on Wednesday that, in connection with licence PEL0094, or Block 2011A, offshore Namibia, the Namibian Ministry of Mines and Energy has agreed to extend the licence sub-period from September 2020 to September 2021.
The AIM-traded firm said the ministry had also agreed to modify the work commitments on the licence, in which Global holds a working interest of 78% and is the operator.
Under the terms of the petroleum agreement signed in September 2018, the four-year initial exploration period was split into two sub-periods of two years each, with the first sub-period ending in September 2020.
The amendment to PEL0094 agreed by the ministry would give Global a further year to fulfil a modified work commitment, after which it could elect to enter the next licence sub-period in September 2021.
The company detailed the updated prospective resources in both the Marula and Welwitschia Deep prospects in PEL0094 on 20 July, following interpretation of the 3D seismic data licensed earlier in the year.
It said the modified work programme agreed with the ministry would concentrate on the licensing of existing seismic data, and the carrying out of studies specifically designed to focus on those two prospects.
"We would like to thank the Ministry of Mines and Energy and are delighted to receive this extension to PEL0094, with the amended work programme which enables us to focus on the principal prospects in our acreage, further de-risked following our recent re-interpretation of the historic 3D seismic," said chief executive officer Peter Hill.
At 1350 BST, shares in Global Petroleum were down 4.44% at 1.29p.
11 Mar 2015 10:14