Last checked at 16 Jul 2013 17:48
16 July 2013
Global Petroleum Limited
("Global" or "the Company")
Board Changes
Global Petroleum Limited (AIM: GBP, ASX: GBP), the oil and gas exploration company presently focused on emerging plays in Africa, announces that Dr Robert Arnott has resigned as non-executive Chairman and as a non-executive Director by mutual agreement.
The Board wishes to thank Robert for his contribution to the Company and wishes him every success for his future endeavours. Peter Taylor, a non-executive Director since 2001, has assumed the role of Chairman on an interim basis while the Company recruits a new, permanent non-executive Chairman.
For further information please visit www.globalpetroleum.com.au or contact:
Global Petroleum Limited |
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Peter Hill, Managing Director & CEO | +44 (0)20 7867 8600 |
Damien Cronin, Company Secretary | +61 (0)7 3374 4270 |
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RFC Ambrian Limited (Nominated Adviser & Joint Broker) |
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Sarah Wharry / Caspar Shand Kydd | +44 (0)20 3440 6800 |
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FirstEnergy Capital LLP (Joint Broker) |
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Hugh Sanderson / Travis Inlow | +44 (0)20 7448 0200 |
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Tavistock Communications (Financial PR & IR) |
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Simon Hudson / Ed Portman | +44 (0)20 7920 3150 |
About Global Petroleum Limited
Global Petroleum is an Africa-focused oil and gas exploration and development company with its principal projects located offshore Namibia and offshore Juan de Nova island, in the Mozambique Channel. The Company's business philosophy is to obtain early licence positions in frontier exploration areas, either directly or through joint venture arrangements, in order to provide maximum leverage exploration success. Global Petroleum is dual listed on the Australian Securities Exchange and Alternative Investment Market of the London Stock Exchange.
The Company's Namibian interests consist of an 85% participating interest in Petroleum Exploration Licence No. 0029 ("the Licence") covering Offshore Blocks 1910B and 2010A, which lie adjacent to acreage held by Repsol and its partners. The blocks cover 11,730 square kilometres and are located in water depths ranging from 1,200 to 3,000 metres. The remaining interest in the licence is held as to 10% by National Petroleum Corporation of Namibia (Pty) Ltd and as to 5% by Bronze Investments Pty Ltd, both as carried interests. The acquisition of further seismic surveys is a key objective to ascertain both the extent of the structures already identified and to build up a greater subsurface understanding to optimise future drilling.
Global's subsidiary, Jupiter Juan de Nova Limited, has a 30% participating interest in the Juan de Nova Est Permit which was issued by the French Government in December 2008. The Permit covers approximately 9,000 square kilometres with water depths ranging from 200 metres to approximately 3000 metres, and is located to the east of the small island of Juan de Nova in the Mozambique Channel, immediately to the west of Madagascar. AIM quoted Wessex Exploration PLC is the operator and holder of the remaining 70% interest. It is now anticipated that Global will consider farming down its interest only post the 2D seismic survey.
The Board continues to review opportunities for other acquisitions, joint ventures, or investments in the resources sector in order to enhance shareholder value.
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