RE: Juan de Nova30 Sep 2014 09:41
2013. Following subsequent dialogue with the Authorities, the Company is now awaiting a response to the application.
In the first phase of the Permit, Wessex Exploration Limited ("Wessex") was the operator and held a beneficial interest of 70%. There was insufficient time to convert this beneficial interest into full legal title to the Permit prior to the deadline for the Permit's renewal, and so Wessex was unable legally to participate in the renewal process. However, Global held a full legal interest in the Permit through Jupiter, which therefore applied for renewal as a 100% interest holder and Operator. Alongside the Permit renewal application, a new joint venture agreement was signed with Wessex giving Wessex the right to apply to the relevant French Authorities to take legal title to a 50% working interest in the Permit, in the event that the renewal is successful. During the reporting period dialogue continued with the French Authorities regarding renewal of the Permit.
The Company does not expect the French Authorities to make a decision regarding renewal of the Permit before Q1 2015.