Global Petroleum Limited says that its wholly owned subsidiary, Jupiter Petroleum (Namibia) Limited , has agreed with the Namibian Ministry of Mines and Energy a First Renewal Period of 24 months from 3 December 2015 for Petroleum Exploration Licence No. 29, which covers two Blocks, 1910B and 2010A, in the Walvis Basin offshore Namibia.
The Licence originally provided for a commitment to drill one well during the Renewal Period. Given prevailing market conditions, which are having a particularly negative impact on frontier exploration both in Africa and more generally, the Company and MME have agreed a revised Minimum Work Programme which involves:
1.The reprocessing of all existing 2D seismic lines across that portion of the Licence Area which is retained following the mandatory 50% relinquishment; and
2.Acquisition of 800km of long offset 2D over the retained acreage. The reprocessed existing 2D data will be used to assist with the design and location of the new survey.
Accordingly, there is now no well commitment during the two year term of the Renewal Period.