Global Petroleum to start farmout process on Namibia interest

AIM-listed Global Petroleum Limited on Friday said shortly commence it would start a farmout process on its Namibian interests.

In a statement, the company said the plan was for future work on the block being financed by a "farminee". Global holds an 85% working interest in the licence, and is operator.

The company said it had appointed Stellar Energy Advisors to advise on the deal.

Chief executive Peter Hill said: "Following the publication of the competent persons report, which has confirmed the high level of prospectivity on our blocks, we feel that the time is now right to commence a structured farmout process.”

“We have noted the improving investment climate for upstream exploration and production generally, and in particular the recent entry of major international and national oil companiesinto Namibian exploration.”