Global Petroleum Limited (‘Global’ or ‘the Company’) is the holding company of a group of companies (‘the Group’) which is incorporated in Australia, the UK and elsewhere.
Through the acquisition of Jupiter Petroleum in August 2011, Global secured a portfolio of interests in under-explored blocks in highly prospective offshore basins in Sub-Saharan Africa.
The Group’s Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence No.0029 which covers offshore blocks 1910B and 2010A. These blocks lie adjacent to acreage held by Repsol S.A. and its partners.
The offshore waters of West Africa have seen a significant increase in exploration activity in recent years. Interest in Namibia has increased following the discovery of a series of world class oil fields in the offshore waters of the Santos Basin in Brazil. This area was joined to Angola and Namibia before the opening of the South Atlantic Ocean.
Licence rounds have now closed in Namibia and the only remaining opportunity to obtain further interests in acreage is through farm-ins. Global continues to seek opportunities to expand its portfolio in these areas. However, given the limited availability; it will also consider frontier areas worldwide.
Global did hold a small working interest in a legacy asset in Texas, USA through its wholly owned subsidiary GP Exploration Inc., latterly in the Eagle Ford Shale (EFS). Global announced on 28 May 2013 that it had entered into a purchase and sale agreement with Millennial PDP Fund II, LP, a wholly owned subsidiary of Millennial Energy, LLC, a private US oil and gas company located in McMullen County, Texas, for Millennial to buy Global’s EFS interests for a cash consideration of US$510,000. The transaction completed on 11 June 2013.
In August 2013, Global submitted an application and proposed work programme and budget to the Italian Ministry of Economic Development for four exploration areas offshore Italy. The Permit applications were then published on 30 September 2013 in the Official Bulletin allowing other competitive bids to be made over the subsequent three months. No such bids were received so the Company submitted the relevant documentation at the end of May 2014 in relation to environmental impact. The precise timetable for final award of the four Permits is dependent upon a satisfactory outcome to this process which is continuing, and upon subsequent formalities in accordance with Italian legislation.
Global has an experienced and driven management and technical team both in Australia and London. In September 2011, this was strengthened by the appointment of Peter Hill as UK based Managing Director & CEO. The team has extensive experience of business development, mergers and acquisitions and a strong track record of participation in discoveries and successful developments.