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(Alliance News) - Global Petroleum Ltd on Wednesday said that it has implemented cost cutting measures in response to the oil price crash and the Covid-19 pandemic.
The company has pursued cost cuts in various categories of its general and administrative costs and its UK directors have also agreed to reduce their annual remuneration by 25% from the start of April.
"The board believes that the company's cost base is now at a more appropriate level for the current circumstances," the upstream exploration company said.
During the quarter to March 31, Global Petroleum signed an agreement to license pre-existing 3D seismic data in its offshore block 2011A in Namibia.
The data covers an area of 1,583 square kilometres, principally within PEL0094, and includes both the Welwitschia Deep prospect and the Marula lead.
Global Petroleum has agreed to transfer a 7% participating interest in PEL 0094 to NAMCOR for the right to license the data, taking NAMCOR's interest in PEL 0094 to 17%, carried to first production. Aloe Investments, a private Namibian company holds a 5% interest, carried through exploration.
In Italy, the company noted the deferral of appeal made by the town of Margherita di Savoia to the Council of State in regards to Global Petroleum's four licence applications. The appeal has been deferred to November due to Covid-19 outbreak.
Shares in Global Petroleum were up 6.4% at 1.25 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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