LONDON (Alliance News) - Global Petroleum Ltd Monday said its permit applications in the Southern Adriatic offshore Italy are progressing.
The oil and gas exploration company, recently focused on emerging plays in Africa and the Mediterranean, said that over the past year it has reviewed a number of prospective areas around the Italian Adriatic Sea where the recent Aquila discovery tested 3,300 barrels of oil per day.
The company said it submitted a proposed work programme over four exploration areas in the zone in August 2013 and, following a three month period for other competitive bids to be made, the company was informed that no such bids were received.
Global Petroleum said its next phase is to make an application to the relevant authorities in relation to the environmental compatibility of the permit applications.
The company said the precise timetable for the final award of the permits is dependent upon a satisfactory environmental report.
Global Petroleum said that it continues to pursue other opportunities and remains confident of making an acquisition on terms that the Board considers acceptable to shareholders.
The company also noted that John Alexander van der Welle has been appointed to the Board of Directors as non-executive Chairman with immediate effect and Peter Taylor, who has been acting non-executive Chairman, will now resume his role of non-executive director.
Global Petroleum shares were up 3.9% to 5.97 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Global Petroleum (GBP)