Global Petroleum remains confident of Namibian asset's value

Global Petroleum told investors on Tuesday that it had been encouraged by results from a recent study on the viability of its offshore Namibia oil portfolio.

The AIM-listed outfit and its partner, Tullow Oil, had previously revealed that they were plugging and abandoning one of the wells after being unable to find a commercially viable oil reserve.

However, Global claimed that the fact hydrocarbons were found at all, especially when coupled with the presence of wet gas signatures at the site, indicated the issue was with the well itself rather than the license.

Global also highlighted that several other wells in the vicinity had shown evidence of a "functioning hydrocarbon system".

"Accordingly, Global believes the well result does not impact the prospectivity of its portfolio," the firm said.

As of 1255 BST, Global Petroleum shares had picked up 5.71% to 2.22p.