PEL 94 License Update and Strategic Expansion
Global Petroleum Ltd (AIM: GBP) share price has soared by 121.54% in the first hour of trading on Monday morning due to growing interest in its PEL 94 license in the Walvis Basin, offshore Namibia.
The company announced it is in early commercial discussions with a potential operating partner for a farm-in agreement, which could be transformative.
Such a partnership could enable the exploitation of the estimated 2.7 billion barrels of oil in the license area, significantly enhancing Global’s prospects.
In the update, the Company is renewing the annual licence rental for 2024/2025 as it enters the second year of the First Renewal Period in September 2024.
The Company recently completed a formal representation meeting at the Ministry of Mines and Energy in Windhoek, Namibia where the Company’s plans were discussed. Global would like to thank the Namibian Government for their ongoing support and hospitality during the visit and looks forward to expanding this relationship further.
In early trading, the stock rose by 0.14 GBX+0.079 12 Aug, 09:02 BST.
