GBP:-16 Apr 2018 13:37
RNS dated 19th January 2018;
"Namibian Interests - Farm-out Process and Appointment of Advisors
Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce that, following its recent notification of the publication of the Competent Person's Report ("CPR") by AGR TRACS on its Namibian Blocks 1910B and 2010A (Licence PEL0029 - "the Licence"), the Company will shortly commence a structured farmout process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the Licence, and is Operator.
Global is also pleased to announce that it has appointed Stellar Energy Advisors ('Stellar') to advise the Company in relation to the farmout. A brief overview of Stellar is provided below.
Global's CEO, Peter Hill, commented: "Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farmout process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. We also regard Stellar as the advisor best placed to assist us in the farmout, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country"."
I think that if anyone can get some action here it must be Stellar Energy Advisors:
"Stellar Energy Advisors is a specialised, independent advisor providing acquisition and divestment services to upstream companies in the international oil and gas business. Since its establishment in 1999, Stellar has built strong relationships with companies in the Acquisition and Divestiture (A&D) market and has completed over 80 successful mandates. Recently Stellar acted as advisor to Tullow Oil in their successful farmouts of Namibian Licenses PEL 30 and PEL 37 to ONGC Videsh. Stellar's highly regarded team of professionals are based in Mayfair, central London where data rooms will be held for the Global farmout process."
It'll be truly great news if they can get a farm out to include 3d seismic and at least one drill on the Gemsbok prospect.