Petroleum Africa
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Monday, January 22, 2018
The recently released Competent Persons Report (CPR) carried out by AGR TRACS for Global Petroleum on its License PEL 0029 in Namibia, has attracted a potential partner for the company on the acreage. The company revealed it will shortly commence a structured farm-out process, with the intention of future work on the block being financed by a farminee. Global holds an 85% working interest in the license and is operator.
In addition, the company appointed Stellar Energy Advisors to advise it in relation to the farm out.
Global’s CEO, Peter Hill, commented “Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farm out process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. We also regard Stellar as the advisor best placed to assist us in the farm out, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farmouts in the country.”
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