Global Petroleum Ltd (AIM:GBP) share price has surged by 60% due to increased interest in its PEL 94 licence in the Walvis Basin, offshore Namibia.
The company said it is in early commercial discussions with a potential operating partner for a farm-in agreement, which could be transformational.
A tie-up could help it exploit the estimated 2.7 billion barrels of oil in the licence area, significantly boosting Global's prospects.
In the update, Global said it is also renewing its licence for 2024/2025 as it enters the second year of the first renewal period.
As part of the process it recently held a formal meeting with Namibia’s Ministry of Mines and Energy.
In early trading, the stock was up 0.039p to 0.1p.