Global Petroleum Limited provides an update in relation to the Company's assets, its acquisition strategy, and a programme to reduce corporate costs in response to the current oil and gas operating environment.
Global's permit applications in Italy cover four contiguous blocks in the southern Adriatic offshore Puglia, adjoining the median line with Albanian waters. The Adriatic has seen significant renewed interest by the oil and gas industry with licensing rounds being held in both Croatia and Montenegro and significant recent discoveries onshore Albania. The Company's applications are progressing towards approval of the environmental impact assessment ('EIA') documentation, which was originally submitted in mid-2014. EIA approvals have recently been granted by the Italian authorities to other E&P companies with long-standing licence applications in the offshore Adriatic, and the Company regards this recent development as very encouraging for the progress of its own applications.