Its moving forward well16 Jan 2018 14:52
18 October 2017
Global Petroleum Limited
("Global" or "the Company")
Operational Update - Namibia and Italy
Global (AIM: GBP, ASX: GBP) is pleased to provide the following update in relation to progress on its Namibian operations and its applications in Italy.
Namibia
Processing and interpretation of the 2017 2D seismic data acquired over the Company's acreage offshore Namibia is now complete.
Management believes that the new information has significantly improved the prospectivity across block PEL 0029 in general and the Gemsbok prospect in particular. Better imaging from the new 2D data reveals that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, has greatly improved the chance of a major oil discovery. Gemsbok remains the Company's primary exploration target.
The Company has commissioned a Competent Persons Report ("CPR") in respect of its Namibian acreage from the consultants AGR Tracs, which is expected to be completed by the end of the year. A CPR is an independent technical report on oil and gas assets. It is then the intention of the Company to launch a structured farmout process of its Namibian acreage with a view to seeking a partner to fund future operations on the block, commencing with 3D seismic.
This shows they are pushing and I expect the farm out news isnt far off.