{"id":115997,"title":"Global Petroleum Ltd (AIM:GPB) soars 121.54% on potential farm-in deal in Namibia","publisher":"Share Talk","author":"sharetalk","published":"2024-08-12T08:14:31+00:00","modified":"2024-08-12T08:38:17+00:00","canonical_url":"https://www.share-talk.com/global-petroleum-ltd-aimgpb-soars-121-54-on-potential-farm-in-deal-in-namibia/","markdown_url":"https://www.share-talk.com/global-petroleum-ltd-aimgpb-soars-121-54-on-potential-farm-in-deal-in-namibia.md","json_url":"https://www.share-talk.com/global-petroleum-ltd-aimgpb-soars-121-54-on-potential-farm-in-deal-in-namibia.json","category":"Energy","categories":["Energy"],"tags":["3D seismic","data","GBP","Global Petroleum","Global Petroleum Ltd","GPB","Namibia","Orange Basin","Peter Hill","survey","Venus 1-X","Well"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/08/GBP.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"**PEL 94 License Update and Strategic Expansion**\n\n**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.\n\nThe company announced it is in early commercial discussions with a potential operating partner for a farm-in agreement, which could be transformative.\n\nSuch a partnership could enable the exploitation of the estimated 2.7 billion barrels of oil in the license area, significantly enhancing Global’s prospects.\n\nIn 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.\n\nThe 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.\n\nIn early trading, the stock rose by 0.14 GBX+0.079 (121.54%) on 12 Aug, 09:02 BST."}