TIDMGBP
RNS Number : 4075D
Global Petroleum Ltd
31 January 2018
31 January 2018
Global Petroleum Limited
DECEMBER 2017 QUARTERLY REPORT
The Board of Global Petroleum Limited ("Global" or "Company")
presents its Quarterly Report for the period ending 31 December
2017.
Summary
-- The Company announced during the reporting period that it had
agreed with the Namibian Ministry of Mines and Energy ("MME") an
extension to the First Renewal Exploration Period (Phase 2) of 12
months to 3 December 2018 for Petroleum Exploration Licence No. 29
("the Licence"), which covers Blocks 1910B and 2010A, in the Walvis
Basin offshore Namibia. The announcement also specified that the
MME had agreed entry into the Second Renewal Period (Phase 3)
effective from 3 December 2018 for a period of two years.
-- Processing and interpretation of the 2017 2D seismic data
acquired over the Company's acreage was finalised, and a Competent
Persons Report ("CPR") commissioned from AGR TRACS, which was
completed post the reporting period. The CPR confirmed a high level
of prospectivity in the Blocks held by the Company. Further details
concerning the calculated prospective resources are detailed in the
Company's announcement of 15 January 2018.
-- Global further announced on 19 January 2018 that it would be
conducting a structured farm-out process and that it had appointed
Stellar Energy Advisors to advise the Company in relation to the
farm-out.
-- In Italy, the Company announced in October 2017 the
publication by the Italian authorities of the remaining two
Environmental Decrees relating to its four offshore applications in
the Southern Adriatic - the applications in question are designated
d 80 F.R-GP and d 81 F.R-GP respectively. Since their publication a
number of appeals against the Decrees by various interested parties
have been notified to the Company.
-- Mr Garrick Higgins was appointed a Director of the Company on
9 October 2017. Mr Damien Cronin retired from his position as
Director and Company Secretary on 31 December 2017 when Mr Andrew
Draffin, a Director of the Company, replaced Mr Cronin as Company
Secretary.
-- The Company held its Annual General Meeting in November 2017.
All resolutions were passed on a show of hands, with the exception
of the conditional spill resolution which was defeated.
For further information please visit www.globalpetroleum.com.au
or contact:
Global Petroleum Limited
Peter Hill, Managing Director +44 (0) 20 7495
& CEO 6802
+61 (0)3 8611
Andrew Draffin, Company Secretary 5333
Cantor Fitzgerald Europe (Nominated
Adviser & Joint Broker)
+44 (0) 20 7894
David Porter / Nick Tulloch 7000
GMP FirstEnergy Capital LLP (Joint
Broker)
+44 (0) 20 7448
Hugh Sanderson 0200
Tavistock (Financial PR & IR)
+44 (0) 20 7920
Simon Hudson / Barney Hayward 3150
Namibian Project
The Namibian Project consists of an 85% participating interest
in Petroleum Exploration Licence Number 29 ("Licence") covering
Offshore Blocks 1910B and 2010A in the Republic of Namibia. The
Licence, issued on 3 December 2010, originally covered 11,730
square kilometres and is located offshore Namibia in water depths
ranging from 1,300 metres to 3,000 metres (Figure 1).
The Company's wholly owned subsidiary, Jupiter Petroleum
(Namibia) Limited, is operator of the Licence, with an 85% interest
in the two blocks. Partners NAMCOR and Bronze Investments Pty Ltd
(Bronze) hold 10% and 5% respectively, both as carried
interests.
In December 2015, the Company entered into the First Renewal
Exploration Period (Phase 2) of the Licence, making a mandatory
relinquishment of 50% of the Licence Area. Phase 2 originally had a
duration of 24 months, with a reduced Minimum Work Programme. In
place of the previous well commitment for Phase 2, the Company
undertook to reprocess and re-interpret previously acquired 2D
seismic data, and to shoot 800 kilometres of new 2D data. To this
end, the Company's technical team evaluated reprocessed 2D seismic
data from the 1990s and also reprocessed speculative 2D seismic
data shot over its Blocks in 2011/12 by TGS.
Following the reprocessing and evaluation of the historic 2D
data, the Company entered into a contract with Seabird Exploration
of Norway in order to acquire 834 km of full fold 2D seismic data
over its Blocks, which was shot in June/July 2017. Processing and
interpretation of the new 2D seismic data was completed early in
the reporting period.
The new information significantly improved the prospectivity
across Block PEL 0029 in general and the Gemsbok prospect in
particular. Better imaging from the new 2D data revealed 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, greatly improved the
chance of a major oil discovery.
Consequently, the Company commissioned a Competent Persons
Report ("CPR") in respect of its acreage from consultants AGR
TRACS, which was completed post the reporting period. Prospective
resources have been calculated on three prospects: the Company's
primary structure, Gemsbok, as well as Dik Dik and Lion. The
results of the CPR are set out in more detail in the Company's
announcement on 15 January 2018.
During the reporting period the Company also negotiated and
agreed with the Namibian Ministry of Mines and Energy ("MME") an
extension of the First Renewal Exploration Period (Phase 2) of the
Company's Licence of 12 months to 3 December 2018. In addition, the
MME has agreed entry into the Second Renewal Period (Phase 3)
effective from 3 December 2018 for a period of two years.
The minimum work programme for the one year extension of Phase 2
is the acquisition of 600 square kilometres of 3D seismic data,
contingent upon Global concluding a farm-out agreement with a third
party to fund the acquisition of the 3D data. If the 3D acquisition
is not completed during the Phase 2 extension period, it may be
carried over into Phase 3. During Phase 3, the commitment is to
drill one well (depth and location to be agreed) unless the
Ministry and Global agree that circumstances dictate otherwise.
Following the release of the CPR, the Company appointed Stellar
Energy Advisors, a specialised, independent advisor providing
acquisition and divestment services to upstream companies in the
oil and gas business. Stellar will launch a structured farm-out
process of the Company's Namibian acreage with a view to seeking a
partner to fund future operations on the block, commencing with 3D
seismic.
http://www.rns-pdf.londonstockexchange.com/rns/4075D_1-2018-1-31.pdf
Permit Applications in the Southern Adriatic, Offshore Italy
In August 2013, the Company submitted an application and
proposed work programme and budget to the Italian Ministry of
Economic Development for four exploration areas offshore Italy (the
"Permit Applications" - Figure 2).
As previously reported, various local authorities and interest
groups appealed against the Environmental Decrees in relation to d
82 F.R-GP and d 83 F.R-GP. Publication of Environmental Decrees is
the final administrative stage before grant of the Permits. The
above-mentioned Decrees were published in October 2016 and the
appeals against them are expected to be heard by the Latium
Administrative Tribunal (Rome) in Q4 2018.
The Company announced during the reporting period (in October
2017) that the remaining two Environmental Decrees in relation to
the Permit Applications, designated d 80 F.R-GP and 81 F.R-GP, had
been published by the Italian authorities.
As with the previous two Environmental Decrees, a number of
appeals by various interested parties against the new Decrees have
been notified to the Company. Global understands that recent
appeals against other Environmental Decrees in the Southern
Adriatic have been rejected by the same tribunal.
The Southern Adriatic and adjacent areas continue to be the
focus of industry activity. Most notably, in Montenegro, offshore
concessions were awarded in 2016 /2017 to Marathon, OMV and
Eni/Novatek (the latter just 35 km from the nearest of the
Applications). The four Application blocks are contiguous with the
Italian median lines abutting Croatia, Montenegro and Albania
respectively (Figure 2).
http://www.rns-pdf.londonstockexchange.com/rns/4075D_-2018-1-31.pdf
ASX Listing Rule 5.4.3
Global provides the following information in accordance with ASX
Listing Rule 5.4.3:
-- The Company holds Petroleum Exploration Licence Number 29
covering Offshore Blocks 1910B and 2010A in the Republic of
Namibia
-- No granted petroleum tenements were acquired or disposed of
by the Company during the reporting period.
-- No beneficial percentage interests in joint venture, farm-in
or farm-out agreements were acquired or disposed of by the Company
during the reporting period.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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