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(Alliance News) - Global Petroleum Ltd on Friday reported a narrowed loss in the first half on lower exploration costs, as the company focused on unearthing seismic 2D data from its Namibian project.
In the six months to December 31, the Australia-based oil and gas, upstream exploration company recorded a pretax loss of USD748,541, narrowed from the USD916,390 loss seen the year before.
Global Petroleum's exploration & business development costs fell 45% year-on-year to USD64,577 from USD118,180. Administrative expenses were down 4.8% to USD494,003.
"The company's focus during the reporting period was continued interpretation of the existing data for PEL 0094, culminating in a prospective resources estimate being calculated," the company said.
In late November 2019, the firm unveiled a best estimate prospective resource at the licence of 964 million barrels. Within that, the Albian carbonate reservoir at Welwitschia Deep is estimated at 772 million barrels with a probability of success of 15%.
On Friday, Global Petroleum added: "Further work may increase the geological chance of success of the prospective resources. Updated prospective resources and their associated geological chances of success will be calculated once work has been completed."
The company said it remains committed to the project offshore Namibia, and will continue its work to finalise 3D data. After which, Global Petroleum will seek a farm-out partner to fund both PEL 0094 and PEL0029.
"The company notes the upcoming Venus well, operated by Total SA, and scheduled to be drilled offshore southern Namibia in 2020. The company also remains committed to pursuing its Italian applications, notwithstanding the recent European Court referral," Global Petroleum added.
Shares in Global Petroleum were down 3.2% in London on Friday morning at 0.92 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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