Global Petroleum Limited says that an application has been filed to renew the Juan de Nova Est permit for a five year term. If such renewal is granted Global would be Operator, holding a 50% equity in the permit. Juan de Nova is a French overseas territory in the Mozambique Channel, north-west of Madagascar.

A petroleum systems review, including reprocessing of historic 2D seismic data, was completed earlier this year. Results appear to show a thick potentially prospective stratigraphic section in deep water in both the northern and southern triangles of the block which are encouraging enough to justify renewal. Accordingly, an application by the joint venture partners to renew approximately 4,500 square kilometres (50% of the existing permit area) of the Juan de Nova Est permit was submitted to the French authorities on 28 August 2013. It is anticipated that the renewal process may take several months.

Tags: Global Petroleum Limited