LONDON (Alliance News) - Global Petroleum Ltd on Friday said it has agreed a work commitment with the Namibian Ministry of Mines & Energy for Phase 3 development of Licence 0029 in the Walvis Basin offshore the southern Africa country.
Global Petroleum shares were trading up 13% at 1.27 pence each.
The additional work programme, with a cost of USD350,000, consists of various studies, including mapping of source rock, mapping of contourites deposits and fault studies, among others.
Chief Executive Officer Peter Hill said: "We are pleased to have been able to reach agreement with the ministry in relation to the work programme going forward on PEL0029. We look forward to progressing our work both on PEL0029 and the adjacent PEL0094, and to finding the right partner to fund the larger commitments on this exciting acreage, where we hold 85 per cent interests."
Global Petroleum (GBP)