Global Petroleum opens data room for prospective partners

LONDON (ShareCast) - Oil and gas exploration company Global Petroleum has opened a data room for selected prospective partners interested in its stake in its Namibian License.

The news comes several months after Global announced its intention to farm down its 85% interest in the Namibian license ahead of further exploration.
The farm-out process is being managed by the company's recently appointed Exploration Manager, Chris Lewis, who has completed a review of all 2D data purchased or acquired by the company on the two blocks covered by the licence.

A reconnaissance grid of more than 2,000 kilometres of 1990's 2D seismic data over both blocks was purchased in July 2011 and was subsequently interpreted confirming the presence of two leads. Subsequent data revealed the presence of two large structures, while also revealing some further potential leads.

CEO: bringing in partner will reduce risk

Peter Hill, Chief Executive Officer of Global Petroleum, commented: "Namibia remains a highly prospective, and under-explored, frontier province. Interest from the international oil and gas industry has increased significantly over the last couple of years, resulting in a number of new licence awards to, and farm-ins by, large multinational operators.

"With at least one operator preparing to commence a drilling campaign during the first half of the year, 2013 should see a significant amount of activity in Namibia. Our own decision to bring in a partner will reduce risk but still deliver upside for shareholders in a success case."