Global Petroleum has extended its Namibian exploration licence until the end of this year.
At its annual general meeting in Brisbane in November 2014, it was agreed with the Namibian Ministry of Mines and Energy that the licence for the work program will now be valid until December.
The news comes amid the fall in oil price, which Global Petroleum has “vindicated the its strategy of being selective in adding to its portfolio”.
Peter Hill, chief executive, said: “We have reviewed an extremely large number of opportunities over the last two years – the variable quality of the assets available is underlined by the length of time for which many of them have been on the market.
“The fact that we have maintained our relative financial strength in relation to our peers puts us in a good position to profit from the new market realities whether by asset acquisition or via corporate combination.”
Other matters discussed at the meeting included renewing the French Juan de Nova Est Permit for a five year term and four recent applications for projects near the coast of Italy.
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