RE: Rise26 Aug 2024 13:56
Global believes a Farm-In, if successfully concluded, could be transformational for the business, with a strategic partner potentially enabling the exploitation of the estimated 2,747 million barrels of oil ("barrels") on the licence (Unrisked Net Best Estimate (P50) Prospective Resources - as previously announced on 27 March 2023).
Global is hopeful in reaching a mutually beneficial agreement with the Partner in due course following further due diligence and negotiations.
The Company is renewing the annual licence rental for the period of 2024/2025 as it enters the second year of the First Renewal Period in September 2024.
The Company recently completed a formal representation meeting at the Ministry of Mines and Energy in Windhoek, Namibia where the Company's future plans were discussed. Global would like to thank the Namibian Government for their ongoing support and hospitality during the visit and looks forward to expanding this relationship further.
Diversification of the Asset Portfolio
Global has been positioned as an oil and gas upstream exploration company focused on Africa and the Mediterranean. The Company's primary aim is to enhance shareholder value and in addition to oil and gas exploration prospects, Global is actively assessing opportunities across the mineral resources sector and positioning itself as a multi-resource company with a diversified commodities portfolio.