GL to you too Andy. 2012 will bring alot of eyes to Namibia. Global just opened a data room for it's search for a JV partner also.
Global Petroleum (GBP) has opened a data room for selected prospective partners.
This follows the company's announcement in October 2012 of its intention to farm down the 85% interest which Global holds in its Namibian licence, ahead of further exploration.
"Our own decision to bring in a partner will reduce risk but still deliver upside for shareholders in a success case," stated chief executive Peter Hill.
Namibia "highly prospective"
Offshore Namibia is probably one of the last few new frontiers of oil and gas exploration in the world, with Hill calling it a "highly prospective, and under-explored, frontier province".
Namibia has only really started developing since the end of 2009, with Hill pointing out that interest from the international oil and gas industry has increased significantly over the last couple of years, resulting in a number of new licence awards to, and farm-ins by, large multinational operators.
In fact, Gil Holzman, chief executive of Eco Oil and Gas, believes the region could hold between 20 and 25 billion barrels of oil, although this is still to be proven.
Hill added that with at least one operator preparing to commence a drilling campaign during the first half of the year, 2013 should see a significant amount of activity in Namibia.
Namibia is also being cited as one of the most transparent, democratic and stable jurisdictions in Africa to work in, with the government being hailed as very supportive of foreign investors who will develop the country's oil and gas reserves.
Other companies that have an exposure to Namibia include Chariot Oil and Gas (CHAR) and Tower Resources (TRP).
Shares offer value
The shares have lost over half their value since the 20p peak reached in March 2012.
With the price languishing at a two-year low, the idea of snatching up a highly prospective company at a bargain-basement price would not be lost on any international majors.
A little late to the game?
"[Monday's] farm-out update really provides a timely reminder of the company's prospectivity, but little in the way of new information, principally because there is little new to report," stated analysts at broker FoxDavies.
"The farm-out case presented in the announcement is an intriguing one, and the size of the prize is significant, so should attract interest and requests to visit the data room, whether for serious investment consideration, or curiosity/fact finding alone."