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(Sharecast News) - Shares in Global Petroleum jumped on Monday after the AIM-listed oil and gas group said its flagship project in Namibia has entered its next phase.
Namibia's Ministry of Mines and Energy has given approval for Global Petroleum and its partners to proceed to the first renewal period (FRP) of Walvis Basin licence PEL 94, with a duration between September 2023 and September 2025.
A two-year term is a positive outcome as the company had originally expected to be only given a one-year extension to its initial exploration period (IEP).
During this time, the company will acquire, process and interpret 2,000kms of 3D seismic data, with a view to drill a well.
"Importantly, the Ministry has waived the usual requirement to relinquish 50% of the licence area at the end of the IEP," Global Petroleum said in a statement.
"This means that Global and its partners have retained all of the prospectivity of the licence on entry to the FRP - notably both of the primary prospects, Marula and Welwitschia Deep, together with the leads which the company has identified in the eastern part of the licence."
The stock was up 5% at 0.15p at 0940 BST.