Global Petroleum’s wholly-owned subsidiary Jupiter Petroleum (Namibia) has received a 12-month extension on the initial exploration period of Petroleum Exploration Licence No. 29, which covers blocks 1910B and 2010A in Walvis Basin offshore Namibia
According to the firm, the initial exploration period of the licence will now be valid until December 2015.
Entering into the second period of the licence with Namibian Ministry of Mines and Energy would involve drilling a well and further interpretation work on existing seismic data, Global Petroleum added.
Jupiter Petroleum (Namibia) will remain the operator with an 85 per cent interest in the two blocks, with partners NAMCOR and Bronze Investments Pty Ltd holding 10 per cent and 5 per cent shares respectively, both as carried interests.
Peter Hill, CEO of Global Petroleum, said, “We would like to thank the Ministry of Mines and Energy in Namibia for their continued support and look forward to progressing the technical evaluation of our acreage. We remain optimistic about the potential of our Namibian blocks, given the technical differentiation between our prospects and the target drilled at Welwitschia-1A.”