Global Petroleum’s wholly-owned subsidiary Jupiter Petroleum has agreed a first renewal period of 24 months from 3 December 2015 for petroleum exploration licence No. 29, which covers the blocks 1910B and 2010A in the Walvis Basin offshore Namibia.
The agreement has been made with the Namibian Ministry of Mines and Energy (MME).
Global Petroleum CEO Peter Hill said: "We would like to thank the Ministry of Mines and Energy in Namibia for their commercial and practical approach to concluding this agreement.
"After initially disappointing drilling results, we believe there is renewed interest in exploration offshore Namibia, with the possibility that major players may take positions in offshore acreage in the coming months."
Initially, under the licence the company could drill one well during the renewal period.
Based on the prevailing market conditions, the company and MME have agreed a revised minimum work programme, which involves the reprocessing of all existing 2D seismic lines across the licence.
As part of the programme, 800km of long offset 2D will also be acquired over the retained acreage.
The reprocessed existing 2D data will be used to assist with the design as well as location of the new survey.
This year, the company used seismic and gravity data to complete further modelling of the prospects within the licence area.
The blocks 1910B and 2010A are 85% owned by Jupiter, which serves as the operator, and the remaining partners are Namcor and Bronze Investments, holding 10% and 5%, respectively.
Hill concluded: "Following our recent work, we regard our own acreage as being amongst the most exciting in the country, and the new commercial terms announced today will enable us to progress exploration on the block without over-commitment."