Global exits Mozambique Channel concession

Offshore staff

LONDON – Global Petroleum is withdrawing its application to extend its Juan de Nova permit in the Mozambique Channel offshore East Africa.

The company first applied for an extension in August 2013, but has received no sign since then of a formal decision from the French authorities.

Offshore Namibia, the company has an 85% interest in blocks 1910B and 2010A. It secured a one-year extension to December 2015 for the initial exploration period by agreeing to commit to further modeling using seismic and gravity data.

Results have been encouraging, raising confidence in a potential syn-rift oil play in the outboard or deepwater region.

Global now intends to seek discussions with the Namibian authorities regarding future exploration on the blocks.

In the Adriatic Sea, the company has permit applications covering four contiguous blocks offshore Puglia in southern Italy, adjoining the median line with Albanian waters.

Global is hopeful of securing approval from the Italian authorities for its environmental impact assessment, originally submitted in mid-2014.

07/27/2015

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