Business
Juan de Nova Est Project Update
Juan de Nova Est Project Update.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 6716N Global Petroleum Ltd 11 September 2013 \n \n\n11 September 2013\n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nJuan de Nova Est Project Update\n \nGlobal Petroleum Limited (AIM: GBP, ASX: GBP), the oil and gas exploration company presently focused on emerging plays in Africa, announces that an application has been filed to renew the Juan de Nova Est permit for a five year term. If such renewal is granted Global would be Operator, holding a 50% equity in the permit. Juan de Nova is a French overseas territory in the Mozambique Channel, north-west of Madagascar.\n \nA petroleum systems review, including reprocessing of historic 2D seismic data, was completed earlier this year. Results appear to show a thick potentially prospective stratigraphic section in deep water in both the northern and southern triangles of the block which are encouraging enough to justify renewal. Accordingly, an application by the joint venture partners to renew approximately 4,500 square kilometres (50% of the existing permit area) of the Juan de Nova Est permit was submitted to the French authorities on 28 August 2013. It is anticipated that the renewal process may take several months. \n \nUnder the terms of the existing permit, Wessex is the operator and has a beneficial interest of 70%. There was insufficient time to convert this beneficial interest into full legal title to the permit prior to the deadline for the permit renewal, and so Wessex is unable legally to participate in the renewal process. However, Global holds a full legal interest in the permit through its wholly owned subsidiary Jupiter Petroleum Juan de Nova Ltd (\"Jupiter\"), and Jupiter has therefore applied for renewal as a 100% interest holder and Operator. Alongside the permit renewal application, a new joint venture agreement has been signed with Wessex giving Wessex the right to apply to the relevant French authorities to take legal title to a 50% legal working interest, in the event that the renewal is successful.\n \nGlobal CEO Peter Hill comments: \"The results of the seismic interpretation undertaken earlier this year were sufficiently encouraging for us to make an application to renew the permit with an appropriately staged work programme. The northern ...