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LONDON (Alliance News) - Global Petroleum Ltd Thursday said it is continuing to evaluate potential acquisitions as it continues to try to secure four offshore licenses in Italy and renew its permit in France.
During the three months ended December 31, the company said it had secured a 12 month extension until December 2015 to explore its Namibian license after reaching an agreement with the Nam'bian government's Ministry of Mines and Energy. Under the extension, Global Petroleum must drill one well in 2015.
The company is seeking a partner who can fund the future work on the license, but remains cautious on whether it will find one.
"The company is mindful of the wider context that disappointing drilling results both in Namibia and in Atlantic margin frontier plays generally, and the current low oil prices, have affected industry and market sentiment, which has undoubtedly had a bearing on its farm-out process in Namibia," it said.
The company has sent a permit renewal application to French authorities for the Juan de Nova project, and is expecting a decision to be made in the first half of 2015. Juan de Nova is an island between Madagascar and Mozambique.
Global Petroleum continues to wait on four offshore licenses it applied for in Italy. It submitted its original application in September 2013, and sent an environmental impact document in May 2014.
"The precise timetable for final award of the four permits is dependent upon a satisfactory outcome to this process which is continuing, and upon subsequent formalities in accordance with Italian legislation," it said.
"Over the reporting period there has been a further significant increase in the number of companies which are seeking solutions for assets which are starved of finance - this is unsurprising in a period when it is very challenging for small-cap exploration and production companies to raise either debt or equity, and we do not expect this to improve any time soon," said Peter Hill, managing director and chief executive.
"Global remains well capitalised which provides a position of strength compared to many of its peers, and the board is ready to commit a significant portion of this capital to a suitable new opportunity or opportunities, but only if the company believes such are likely significantly to enhance shareholder value," he added.
Global Petroleum shares were down 2.2% to 2.20 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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