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Change: -0.03 (-20.00%)

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Global Petroleum Loss Widens As It Continues Exploration Activities

Wed, 26th Sep 2018 13:32

LONDON (Alliance News) - Oil exploration company Global Petroleum Ltd on Wednesday reported a wider annual loss as it continues to monitor further exploration opportunities.

Global Petroleum's pretax loss widened, in the twelve months ended June, to USD2.0 million from USD1.9 million.

The exploration company said it has continued to make "good progress" in the period with its offshore Namibian acreage.

The company remains encouraged by the "recent increase" in exploration activity in Namibia. Wells are scheduled to be drilled by Tullow Oil PLC and Chariot Oil & Gas Ltd in the second half of 2018 in the region.

The hearings of the appeals against the first two environmental decrees in respect to its Italian Adriatic Sea licence applications are expected to take place in the fourth quarter of 2018.

Global Petroleum said it remains confident of the prospectivity of the application areas despite the continued delays with the granting of the licences and is "encouraged" by the calibre of companies with similar applications and or licences within the Southern Adriatic region.

Shares in Global Petroleum were down 2.5% Wednesday at 2.34 pence each.

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