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Global Petroleum Ltd on Monday said it entered into early commercial talks with a potential operating partner for a farm-in agreement for a licence in Namibia. The Africa and Mediterranean-focused oil and gas company said that if a farm-in for its licence PEL94 concludes successfully, it ‘could be transformational for the business,’ as a strategic partner could enable the exploitation of an estimated 2.75 billion barrels of oil on the licence. The company will enter the first renewal period of the licence in September. ‘Global is hopeful in reaching a mutually beneficial agreement with the partner in due course following further due diligence and negotiations,’ it said. Global Petroleum shares more than doubled to 0.14 pence each on Monday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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