Open an account Help & support Register Account summary Log out
Skip Header
Home Stock market news

Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Global Petroleum shares rise on progress in Namibia

Mon 14 Aug 2023 09:38

(Sharecast News) - Shares in Global Petroleum jumped on Monday after the AIM-listed oil and gas group said its flagship project in Namibia has entered its next phase. Namibia's Ministry of Mines and Energy has given approval for Global Petroleum and its partners to proceed to the first renewal period (FRP) of Walvis Basin licence PEL 94, with a duration between September 2023 and September 2025.

A two-year term is a positive outcome as the company had originally expected to be only given a one-year extension to its initial exploration period (IEP).

During this time, the company will acquire, process and interpret 2,000kms of 3D seismic data, with a view to drill a well.

"Importantly, the Ministry has waived the usual requirement to relinquish 50% of the licence area at the end of the IEP," Global Petroleum said in a statement.

"This means that Global and its partners have retained all of the prospectivity of the licence on entry to the FRP - notably both of the primary prospects, Marula and Welwitschia Deep, together with the leads which the company has identified in the eastern part of the licence."

The stock was up 5% at 0.15p at 0940 BST.

Share this article

Related Sharecast Articles

Mon 07 Sep 2026 08:45
The Works raises FY profit guidance as strong early‑year trading boosts momentum
(Sharecast News) - Stationery retailer The Works said on Monday that trading had continued to build momentum in the opening weeks of its new financial year, prompting it to lift profit expectations after a strong start.
Fri 24 Jul 2026 09:11
Wise to reapply for US trust-bank charter after OCC rejection
(Sharecast News) - Fintech group Wise said on Friday that the US Office of the Comptroller of the Currency had denied its application for a national trust bank charter, noting the decision relates to issues in its original submission more than a year ago.
Mon 29 Jun 2026 14:00
Smiths News inks distribution contract with Associated Newspapers
(Sharecast News) - Print media distributor Smiths News has secured a new long‑term distribution contract with Associated Newspapers, publisher of the Daily Mail, The Mail on Sunday and i.
Thu 04 Jun 2026 08:30
S4 Capital flags tough trading amid volatile macro conditions
(Sharecast News) - Digital advertising and marketing firm S4 Capital said on Thursday that trading through 2025 had continued to reflect volatile macro conditions, with tariff negotiations and geopolitical risks keeping clients cautious.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Awards

Award 1
Award 2
Award 3

Policies and important information

Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statements | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Statutory and Regulatory disclosures | Whistleblowing programme

Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.

This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.

© FIL Limited 2026