Could this licence be about to come15 Sep 2014 22:26
A five year licence renewal application was made in August 2013 by Jupiter Petroleum Juan de Nova Ltd (“Jupiter”), a wholly-owned subsidiary of Global Petroleum Limited (AIM: GBP, ASX: GBP). If the renewal application is successful, Wessex has the right to take a 50% interest in the Permit and file a request for legal approval from the French Authorities. Global will become the operator. The first phase of the original licence expired in December 2013 and all costs have been fully impaired.
In order to allow Jupiter to make the application with a 100% interest, the Prefect requested that the original partners who assigned the beneficial interest to Wessex regularize the legal position on the licence by applying for mutation to Jupiter. Wessex has now arranged the completion of this rather complex process and the mutation application papers were duly delivered to the French Authorities on 12 March 2014. With this hurdle removed, a determination on the renewal can now proceed.
The island of Juan de Nova a part of France, lies in the narrowest part of the Mozambique Channel, Northwest of Madagascar. It is approximately 100 kilometres northwest of the very large heavy oil occurrences of Tsimimoro and Bemolanga in Madagascar and 200 kms from the recent giant gas discoveries off the Mozambique coast.
A Petroleum Systems Review was carried out by independent contractors in the second quarter of 2013 to help understand the distribution of reservoirs, potential source rocks and structures within the area of the Permit. The conclusion of this work suggested that there was a sufficiently thick post-Turonian stratigraphic section in the deep water part of the block to justify further study, particularly in the northern portion of the permit. If the application for renewal is successful, the initial work programme is expected to be the acquisition of a grid of 2D seismic over the retained areas.
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