Global Petroleum Ltd on Wednesday provided updates on two of its key projects, targeting a year-end agreement for its Namibian oil and gas exploration licence and advancing exploration at its gold-focused Juno project in Western Australia.

The Africa and Mediterranean-focused oil and gas company aims to finalise a farm-out agreement for its PEL94 oil and gas licence in Namibia by the end of 2024. Discussions with a commercial farm-out partner and joint venture partners, NAMCOR and Aloe Investments One Hundred & Ninety Two Pty Ltd, are at an advanced stage, with a series of meetings scheduled in London over the next two weeks.

The PEL94 licence, located in the Walvis basin, is estimated to hold an unrisked gross prospective resource of 2.23 billion barrels of oil.

In Western Australia, Global Petroleum has commenced a ground-based gravity survey at its Juno project to refine exploration targeting for intrusion-related gold systems. The survey follows promising results from recent aeromagnetic studies, which highlighted the size and intensity of the Juno magnetic feature. The company expects to receive survey data in the coming weeks, which will guide its first exploration drillholes at the site.

Shares in Global Petroleum jumped 49% to 0.25 pence each in London on Wednesday.

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