Juan de Nova Island

Against the backdrop of the threat of cost reductions, Global Petroleum is withdrawing from the approval of Juan de Nova.

World Petroleum Limited, an offshore petroleum and natural resources explorer currently focusing on new projects in Africa and the Mediterranean region, has agreed to cancel the request for an extended second stage of the Juan de Nova permit in the Mozambican Channel. In August 2013, the firm requested an extended period.

Overall says that given the absence of headway over the last two years, the absence of clarity as to when a official ruling by the France government could be taken, and the relatively low rank of Juan de Nova in relation to his other interests and possibilities, the Board of Directors has taken the RD.

Juan de Nova Est permit is situated in the eastern part of the island of Juan de Nova in the Mozambique Channel between Madagascar and Mozambique and encompasses approx. 9,010 km2 with a depth of 200 meters to approx. 3,000 meters. Global's licence application in Italy concerns four coherent units in the south of the-Adriatic off the coast of Puglia, bordering the centre line with Albania's territorial sea.

Global reports that the interest of the petroleum and natural-gas industries in the Adriatic Sea has increased significantly with license award laps in Croatia and Montenegro and significant discovery on the Albanian coast. Proposals from the firm are moving towards EIA clearance, which was initially filed in mid-2014, Global said.

"Other E&P operators with long-standing licensing requests in the Adriatic Sea have recently been EIA-approved by the ITG, and the E&P operator considers this latest trend to be very reassuring for the advancement of its own applications", the E&P operator stated in the newsflash. The first exploration period of the license in Namibia, where the Group has an 85% interest in the 1910B and 2010A blocks, was prolonged by one year to December 2015.

It says that the results of this combination of seasonal and gravitational work are very heartening in terms of hydrocarbons in Global's off-shore sands. In particular, the work has strengthened trust in a syn-rift spill in the out-board or deepwater area off the coast of Namibia and, in combination with the current prospectus portfolios within the units, has enhanced Global's view of the overall forecast of this area under cultivation.

We intend to initiate talks with the authorities in Namibia on further explorations in the units. It has launched a program to lower its cost of doing business in reaction to the lower level of petroleum prices and the amount of research it has taken to find a value-added sourcing. Global CEO Peter Hill commented: