2011-07-28-2011-07-19

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To buy company with prospective E&P interests offshore Namibia and offshore Juan de Nova in Mozambique Channel.

Global Petroleum Ltd., London, (London: GBP) plans to acquireNamibia-focused Jupiter Petroleum Ltd. for an undisclosed price.

Jupiter holds prospective oil and gas exploration interests offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.

Prior to completion of the deal, Jupiter is required to continue to meet work program commitments for the Namibian project. Global will lend Jupiter an additional US$665,000 (A$619,000) to meet these work program commitments.

The funds will be used to acquire two sets of historical seismic data covering sections of the Namibian license. Jupiter will interpret the data to provide inputs for a new 2-D seismic survey in which it intends to participate in late 2011.