LONDON (Alliance News) - Global Petroleum Limited said Wednesday it has applied for four exploration areas offshore Italy as the company works to diversify its portfolio of projects.
In a quarterly report for the period to March 31, 2014, the firm said it has applied to the Italian Ministry of Economic Development for the offshore Italy areas and has now moved to the next phase of the award, i.e. the preparation of documentation for submission to the relevant authorities regarding the environmental impact of the exploration areas.
During the period the company also re-launched the farmout of its Namibian Project with FirstEnergy Capital LLP, a specialist merger and acquisitions adviser in the energy sector. The firm said a data room has now been established and potential farm in parties are currently reviewing the data.
Discussions over the renewal of the Juan de Nova Est Permit for a five-year term are ongoing, said Global Petroleum. If renewal is granted, the company will become the operator with an increased equity in the Permit.
Looking ahead, the firm said expansion of its portfolio remains a priority, noting that the board has appraised a number of potential new opportunities, "The Company intends to acquire only what it regards as high-quality assets, bearing in mind in particular its strong cash-position compared to many of its peers."
Shares in the firm were trading 3.38% lower at 5.00 pence per share Wednesday afternoon.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Global Petroleum (GBP)