Global Petroleum makes good progress with Namibia licence

Global Petroleum updated the market on licence PEL0094 in Namibia on Thursday, reporting that the interpretation of the seismic data recently acquired, notably the 2D seismic data over the “relatively under-explored” eastern part of the licence, was progressing well.

The AIM-traded firm said it expected the interpretation of the data to enhance the prospectivity already identified in the area “significantly”.

Given the progress made, the company said it was expecting to publish an updated prospective resources estimate for PEL0094 in late-January.

“The company is also pleased to confirm that the farm out process for PEL0094 has now commenced,” the board said in its statement.

“Global is currently contacting potentially interested companies and the data rooms will open in January.”

At 1625 GMT, shares in Global Petroleum were up 5.04% at 0.69p.