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Global Petroleum seeking partner for further exploration offshore Namibia

Published: 09:33 23 Jul 2012 BST

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Southern Africa-focused Global Petroleum (LON:GBP) said interpretation of SD seismic data over a licence offshore Namibia has now been completed and the group is looking for a partner to further develop its interests there.

Global holds an 85 percent participating interest in Petroleum Exploration Licence 29 for blocks 1910B and 2010A, covering a total of 11,730 square kilometres in water depths ranging from 1,300 to 3,000 metres.

It has now received the results of previously delayed interpretation of data from the 1990s which has confirmed the presence of structures A and B, whilst also revealing some further potential leads.  

It has started looking for a partner for the next phases of exploration activity on its acreage, commencing with 3D seismic.   

Elsewhere, Global holds a 30 percent interest in the Juan de Nova permit, covering 9,010 square kilometres in water depths ranging from 200 to 3000 metres, to the east of Juan de Nova Island in the Mozambique Channel. 

Operator Wessex Exploration (LON:WSX), which holds a 70 percent interest in the permit, has completed the reprocessing of historic 2D data, and the partners plan to shoot new 2D seismic as soon as practicable.  

Chief executive Peter Hill said: "Our participation in these two areas has high potential and the increasing presence of a number of the world's largest oil and gas companies in these provinces underpins our confidence.

“We intend to add further asset(s) to our portfolio with the aim of building a diversified exploration business, using the existing high quality acreage - and our strong cash position - as a starting point."  

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