In Namibia, Global Petroleum Ltd through its subsidiary Jupiter Petroleum Ltd (Namibia) has been granted a First renewal period of 2 years starting from 3 December 2015 by the Ministry of Mines and Energy for its Exploration Licence No. 29.

This Exploration Licence which covers two Blocks (1910B and 2010A), in the Walvis Basin offshore Namibia was initially granted on 3 December 2010. The Petroleum Agreement relating to the Licence provided for an initial exploration period of four years starting from the date of signature. Meanwhile there is a one year extension for this period agreed by the Ministry of Mines and Energy to expire on December 3, 2015.

The Petroleum Agreement also makes provision for a First Renewal Period of two years. This period also include a Minimum Work Programme that contains the abandonment of 50% of the Licence Area as well as the drilling of one well on the outstanding acreage.

Due to current market conditions affecting frontier exploration globally, the company and the Ministry agreed on a revised Minimum Work Programme.

According to the company, there will be no new well commitment for the two years renewal Period as the Minimum Work Program involves reprocessing all current 2D seismic lines retained by the company following the compulsory 50% abandonment.it also involves acquiring 800km of long offset 2D on the retained acreage.

“We would like to thank the Ministry of Mines and Energy in Namibia for their commercial and practical approach to concluding this Agreement. From our side, we are pleased that we will be able to retain what we believe to be the more prospective half of our acreage, containing the most exciting prospects”, Peter Hill Global’s CEO said.

He added that the company believe that its position in Namibia has the potential to attract stakeholders.

Jupiter is the operator of the two blocks with NAMCOR and Bronze Investments Pty Ltd with 85%, 10% and 5% respectively, Offshore energy today reports.