TIDMGBP
RNS Number : 0818W
Global Petroleum Ltd
30 July 2018
30 July 2018
Global Petroleum Limited
(ASX: GBP, AIM: GBP)
JUNE 2018 QUARTERLY REPORT
The Board of Global Petroleum Limited ("Global" or "Company")
presents its Quarterly Report for the period ending 30 June
2018.
Summary
-- Stellar Energy Advisors, on behalf of the Company, continued
the farm-out process for Global's Namibian Licence PEL0029, with
the data room remaining open to prospective farminees throughout
the reporting period.
-- In Italy, the Company continued to work with its Italian
legal advisors in relation to its appeals lodged against the
Environmental Decrees for the d 82 F.R-GP and d 83 F.R-GP
applications, which are scheduled to be heard in Rome in October
2018. The Company's advisors are hopeful that the appeals against
the Environmental Decrees in relation to the other two
applications, d 80 F.R-GP and d 81 F.R-GP, might be heard at the
same time, but this is not confirmed as at the date of this
Report.
-- The Company continued to monitor further exploration
opportunities which might complement the Company's existing
exploration assets offshore Namibia and remains encouraged by the
recent increase in exploration activity both within the region and
beyond. In Namibia, wells are scheduled to be drilled by both
Tullow Oil and Chariot Oil & Gas in Q3/Q4 2018 - the Tullow
well is in close proximity to the Company's acreage (Figure 1).
For further information please visit www.globalpetroleum.com.au
or contact:
Global Petroleum Limited
Peter Hill, Managing Director & CEO +44 (0) 20 7495 6802
Andrew Draffin, Company Secretary +61 (0)3 8611 5333
Cantor Fitzgerald Europe (Nominated Adviser
& Joint Broker)
David Porter / Nick Tulloch +44 (0) 20 7894 7000
GMP FirstEnergy Capital LLP (Joint Broker)
Hugh Sanderson +44 (0) 20 7448 0200
Tavistock (Financial PR & IR)
Simon Hudson / Barney Hayward +44 (0) 20 7920 3150
Namibian Project
The Namibian Project consists of an 85% participating interest
in Petroleum Exploration Licence ("PEL") Number 29 ("Licence")
covering 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, Global Petroleum Namibia
Limited, formerly 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 with a reduced Minimum
Work Programme, making a mandatory relinquishment of 50% of the
Licence Area. Phase 2 originally had a duration of 24 months.
Following reprocessing and evaluation of historic 2D data - as
previously reported, 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 Q4 2017.
The new information significantly improved the prospectivity
across 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 improves the chance of a major
oil discovery.
Consequently, the Company commissioned a Competent Person's
Report ("CPR") in respect of its acreage from consultants AGR
TRACS, which was completed within 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.
In late 2017, 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 MME 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 have launched 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. The farmout process is still underway following renewed
interest created by presentations conducted by the Company during
May 2018, with data room participation continuing into July.
http://www.rns-pdf.londonstockexchange.com/rns/0818W_1-2018-7-29.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
applications d 82 F.R-GP and d 83 F.R-GP, which were published in
October 2016. Publication of Environmental Decrees is the final
administrative stage before grant of the Permits. and the appeals
against them are expected to be heard by the Latium Administrative
Tribunal (Rome) in Q4 2018.
The Company announced 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 and is hoping to have the latest
appeals heard together with the appeals against the 2016 decrees.
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/0818W_2-2018-7-29.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-
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END
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