Petroleum Africa
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Tuesday, July 28, 2015
Global Petroleum will be exiting its Juan de Nova Permit in the Mozambique Channel. The company revealed the news in a recently release asset review.
While the company had applied for an extension to the permit’s second exploration phase in 2013, it has heard nothing back from the government.
In a statement it said that given the lack of progress in the two years since the application was submitted, the fact that there is no visibility as to when a formal decision might be forthcoming from the French authorities, as well as Global’s relative technical ranking of Juan de Nova compared to its other interests and opportunities, the Board has taken the decision to withdraw from the application.
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