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Global Filed an Application to Renew Juan de Nova Est permit

Source: www.gulfoilandgas.com 9/11/2013, Location: Africa

Global Petroleum Limited, the oil and gas exploration company presently focused on emerging plays in Africa, announces that an application has been filed to renew the Juan de Nova Est permit for a five year term. If such renewal is granted Global would be Operator, holding a 50% equity in the permit. Juan de Nova is a French overseas territory in the Mozambique Channel, north-west of Madagascar.

A petroleum systems review, including reprocessing of historic 2D seismic data, was completed earlier this year. Results appear to show a thick potentially prospective stratigraphic section in deep water in both the northern and southern triangles of the block which are encouraging enough to justify renewal. Accordingly, an application by the joint venture partners to renew approximately 4,500 square kilometres (50% of the existing permit area) of the Juan de Nova Est permit was submitted to the French authorities on 28 August 2013. It is anticipated that the renewal process may take several months.

Under the terms of the existing permit, Wessex is the operator and has a beneficial interest of 70%. There was insufficient time to convert this beneficial interest into full legal title to the permit prior to the deadline for the permit renewal, and so Wessex is unable legally to participate in the renewal process. However, Global holds a full legal interest in the permit through its wholly owned subsidiary Jupiter Petroleum Juan de Nova Ltd ("Jupiter"), and Jupiter has therefore applied for renewal as a 100% interest holder and Operator. Alongside the permit renewal application, a new joint venture agreement has been signed with Wessex giving Wessex the right to apply to the relevant French authorities to take legal title to a 50% legal working interest, in the event that the renewal is successful.

Global CEO Peter Hill comments: "The results of the seismic interpretation undertaken earlier this year were sufficiently encouraging for us to make an application to renew the permit with an appropriately staged work programme. The northern part of the permit in particular has a good address, given its proximity to the licensed areas offshore Madagascar. We have therefore agreed with Wessex that if the renewal is granted by the French authorities, Global would assume the operatorship and increase our equity."

For more information about related Opportunities and Key Players visit East Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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