Business
Half Yearly Report
Half Yearly Report.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 7602R Global Petroleum Ltd 10 March 2016 \n\n11 March 2016\nGlobal Petroleum Limited\n(\"Global\" or the \"Company\")\nUnaudited interim results for the six months to 31 December 2015\nGlobal Petroleum announces its unaudited interim financial results for the six months to 31 December 2015.\nCopies of the full Half Year Financial Report are also available from the ASX website at www.asx.com and from the Company's web site at www.globalpetroleum.com.au.\nFor further information please contact:\n\n\n\n\nGlobal Petroleum Limited\n\n\n \n\n\n\n\nPeter Hill, Managing Director & CEO\n\n\n+44 (0) 20 7495 6802\n\n\n\n\nDamien Cronin, Company Secretary\n\n\n+61 (0) 7 3310 8732\n\n\n\n\n \n\n\n \n\n\n\n\nRFC Ambrian Limited (Nominated Adviser & Joint Broker)\n\n\n \n\n\n\n\nSamantha Harrison / Charlie Cryer\n\n\n+44 (0) 20 3340 6800\n\n\n\n\n \n\n\n \n\n\n\n\nFirstEnergy Capital LLP (Joint Broker)\n\n\n \n\n\n\n\nHugh Sanderson \n\n\n+44 (0) 20 7448 0200\n\n\n\n\n \n\n\n \n\n\n\n\nTavistock (Financial PR & IR)\n\n\n \n\n\n\n\nSimon Hudson / Ed Portman\n\n\n+44 (0) 20 7920 3150\n\n\n\n\n \n\n\n \n\n\n\n\nDirectors' Report\nWe are pleased to present to you the Global Interim Financial Report for the half year ended 31 December 2015.\nOil prices in the second half of 2015 have remained weak, with the Brent price averaging US$48.00 per barrel.\nDuring the period the Company's Petroleum Exploration Licence covering two Blocks, 1910B and 2010A in the Walvis Basin Offshore Namibia, has been extended by the Namibian authorities into Phase 2, which is for a duration of 24 months from 3 December 2015 with a reduced Minimum Work Programme which does not now contain a well commitment. Previously Phase 1 of the Licence was extended for one year until December 2015, in return for an additional work programme, involving further modelling using both seismic and gravity data, which was completed in the period. The results of this combined seismic and gravity work has proved to be very encouraging with regard to the hydrocarbon potential in Global's offshore blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the Company's blocks...