Global Petroleum Ltd. share price has surged by 60% due to increased interest in its PEL 94 licence in the Walvis Basin, offshore Namibia.
The company said it is in early commercial discussions with a potential operating partner for a farm-in agreement, which could be transformational.
A tie-up could help it exploit the estimated 2.7 billion barrels of oil in the licence area, significantly boosting Global’s prospects.
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In the update, Global said it is also renewing its licence for 2024/2025 as it enters the second year of the first renewal period.
As part of the process it recently held a formal meeting with Namibia’s Ministry of Mines and Energy.
In early trading, the stock was up 0.039p to 0.1p.
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