The Board of Global Petroleum Limited presents its Quarterly Report for the period ending 31 December 2014.
•The Company held its Annual General Meeting in Brisbane on 27 November 2014.
•The Company agreed with the Namibian Ministry of Mines and Energy ("MME") a 12 month extension of the Initial Exploration Period of its Namibian Licence, which will now be valid until December 2015. The Company has agreed with MME to extend the Initial Exploration Period on the basis of an agreed work programme, which entails further interpretation work on existing seismic data.
•Discussions are ongoing with the French Authorities to renew the Juan de Nova Est Permit for a five year term. If renewal is granted, Global will become the Operator with an increased equity in the Permit.
•The Company continues to progress the process for award of its four exploration applications offshore Italy.
•Consistent with its previously announced strategy, the Company will continue to evaluate asset acquisitions, but will also consider appropriate corporate opportunities which are likely to increase significantly in number, given the current environment in the E&P sector of low oil prices linked with serious constraints in capital availability.