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Global Petroleum to renew 4,500km2 offshore oil project in Africa

Published: 04:00 11 Sep 2013 BST

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Global Petroleum (AIM:GBP ASX:GBP) has filed an application to renew the large 4,500 square kilometre Juan de Nova Est permit in French overseas territory, north-west of Madagascar in the Mozambique channel.

Global's seismic review of the area indicate a thick stratigraphic section in deep water in both the northern and southern triangles of the block, justifying renewal.

Under the terms of the existing permit, joint venture partner Wessex Exploration (LON: WSX) maintained operatorship and 70% equity.

Global holds full legal interest in the permit through subsidiary Jupiter Petroleum Juan de Nova, which has applied for renewal as 100% interest holder, with operatorship, over a 5 year term.

Alongside the permit renewal application, a new joint venture agreement has been signed with Wessex giving Wessex the right to apply to relevant French authorities to take legal title to 50% working interest, in the event of approval.

 

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