Global Petroleum announces an update on the proposed farm down of the Company's 85% participating interest in Petroleum Exploration Licence No. 0029 ("the Licence") covering Offshore Blocks 1910B and 2010A in Namibia. The blocks are located in the Walvis Basin, cover 11,730 square kilometres and are in water depths ranging from 1,200 to 3,000 metres. They lie adjacent to acreage held by Repsol and its partners where an exploration well is scheduled to be drilled in the first quarter of 2014.
Global has awarded a mandate to FirstEnergy Capital LLP (FirstEnergy), the Company's Joint Broker, to bring in a partner to fund the next phase of planned exploration expenditures on the Licence, commencing with 3D seismic. FirstEnergy has considerable experience in transactions of this nature.