Global Petroleum Ltd acquires Jupiter Petroleum Ltd
Global Petroleum Limited ("Global" or "Company") is pleased to announce that it has now completed the acquisition of Jupiter Petroleum Limited ("Jupiter") which holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.
Jupiter's assets include the Namibian Project which consists of an 85% participating interest in Petroleum Exploration Licence No. 0029 covering Offshore Blocks 1910B and 2010A in the Republic of Namibia. These blocks cover an area of about 11,730 square kilometers in water depths ranging from 1,200 meters to 3,000 meters.
A reconnaissance grid of 1995 2D seismic data over both blocks has been purchased and is currently being interpreted. Preliminary examination suggests the presence of large structural highs and the presence of a significant Early Cretaceous and possibly older section beneath the main highs. The Company expects to participate in a new seismic survey following interpretation of the historic data.
The blocks lie adjacent to acreage held by Arcadia Petroleum Limited, whose partner Tower Resources plc recently announced encouraging estimates for finding hydrocarbons in one of their prospects, and to the south west of blocks held by Chariot Oil and Gas who have recently announced substantial prospective resources in Namibia.
Wells drilled in the area have established the presence of oil and gas-prone source rocks, good potential reservoirs and migrated hydrocarbons in the region, making this an attractive frontier play.
The Juan de Nova Project consists of a 30% interest in the Juan de Nova Est Permit which was issued by the French Government in December 2008. The permit covers approximately 9,010 square kilometers and is situated to the east of the small island of Juan de Nova in the Mozambique Channel, immediately to the west of Madagascar and about 100 kilometres north west of the large heavy oil deposits of Tsimiroro and Bemolonga.
The acquisition of these interests enables Global to participate in the prospective and active exploration province of offshore Namibia and position itself as an African focused oil and gas explorer.
Global has today issued 25,000,000 new ordinary shares in Global ("Global Shares") in consideration for the acquisition of Jupiter and application has been made for these shares to be admitted to trading on AIM with effect from 2 September 2011. This follows satisfaction of a each of the conditions precedent to completion, including due diligence investigations, obtaining necessary consents from governmental authorities, a report from an independent expert that the transaction is fair and reasonable to Global shareholders, and shareholder approval at a General Meeting which was held on 19 August 2011. Following the issue of these shares, there will be 199,444,787 Global Shares on issue.