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Global Petroleum Commences Farm Out Process for Its Namibian Interests

Source: www.gulfoilandgas.com 1/19/2018, Location: Africa

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Global Petroleum has announced that, following its recent notification of the publication of the Competent Person's Report ('CPR') by AGR TRACS on its Namibian Blocks 1910B and 2010A (Licence PEL0029), the Company will shortly commence a structured farmout process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the Licence, and is Operator.

Global has also announced that it has appointed Stellar Energy Advisors to advise the Company in relation to the farmout.

Global's CEO, Peter Hill, commented: 'Following the publication of the CPR, 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 E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. We also regard Stellar as the advisor best placed to assist us in the farmout, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country'.

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