LONDON (Alliance News) - Global Petroleum Ltd Friday said it continues to progress the process for the award of its four exploration applications offshore Italy, following the extension of its exploration licence covering two blocks in Namibia.
The company said that, during the first quarter of 2016 its licence covering the 1910B and 2010A blocks in Namibia were extended by the Namibian authorities into phase 2.
Previous seismic and gravity work on the clocks has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia, it said. This, combined with the company's existing prospect portfolio in the blocks, has improved Global Petroleum's "views on the overall prospectivity of the acreage", it said.
Global Petroleum said it remains "in a strong financial position" relative to many of its peers in an environment of continuing low oil prices, which has left many companies with little cash and a limited access to capital.
"It is apparent that potential counterparties are becoming increasingly realistic with regard to the terms at which they will be able to transact. However, the company remains extremely selective regarding the quality of assets it would consider investing in, and the terms of any such investment," Global Petroleum said.
Shares in Global Petroleum were down 14% at 1.40 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Global Petroleum (GBP)