By:.Investing

Global Petroleum Limited (LSE AIM:GBP) has announced significant progress on two major projects: the Namibia oil and gas PEL94 project and the Juno Project in Western Australia. The company is in the advanced stages of securing a farm-out agreement for PEL94 with a commercial partner and has received positive feedback from current joint venture partners Namcor and Aloe. Meetings scheduled in London over the next two weeks aim to finalize the agreement by year-end.

The PEL94 license, located in the Walvis Basin, is estimated to contain 2,230 million barrels of oil in unrisked gross prospective resources (Mean Estimate). Global Petroleum's Chief Financial Officer, Hamza Choudhry, emphasized the importance of this juncture for the company's future, as it seeks to be a first mover in the basin.

In Western Australia, the Juno Project has yielded promising aeromagnetic survey data, confirming the location and size of a significant magnetic feature. This data, along with an upcoming ground-based gravity survey, will guide the drilling of exploration holes targeting Intrusion Related Gold Systems (IRGS), similar to the Havieron and Telfer gold and copper deposits. Choudhry expressed excitement about the project's progress and the potential for valuable mineralization.

Global Petroleum's approach at Juno has been influenced by the success of exploration techniques used at Havieron, where high-grade gold and copper mineralization was discovered. The company is working with JV partner Callum Baxter (NYSE:BAX) to utilize the data and expertise to target similar mineralization at Juno.

The company has committed to providing shareholders with timely updates on the developments of these projects. The information for this article is based on a press release statement.

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