Global Petroleum said it was most encouraged by the results of the new 2D seismic in Namibia which had significantly de-risked its acreage.
The company said it was currently negotiating an extension of its Licence with the Namibian authorities, which was designed to ensure a highly flexible framework for future operations, and was confident of a successful outcome.
Global said management believed that the new information significantly improved the prospectivity across block PEL 0029 in general and the Gemsbok prospect in particular.
It said; 'Better imaging from the new 2D data reveals that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, has greatly improved the chance of a major oil discovery.
'Gemsbok remains the company's primary exploration target.'
The company said it had commissioned a competent person's report in respect of its Namibian acreage from the consultants AGR Tracs, which was expected to be completed by the end of the year.
The company said it then intended to launch a structured farm-out process of its Namibian acreage with a view to seeking a partner to fund future operations on the block, commencing with 3D seismic.
Global also announced that the remaining two Environmental Decrees in relation to the company's four applications had now been published by the Italian authorities.
It said publication of decrees was the final administrative stage before grant of the permits.
It said: 'The Southern Adriatic and adjacent areas continue to be the focus of industry activity. Most notably, in Montenegro offshore concessions were awarded in 2016 /2017 to Marathon, OMV and Eni/Novatek (the latter just 35 km from the nearest of the Applications).
'The four Application blocks are contiguous with the Italian median lines abutting Croatia, Montenegro and Albania respectively.'
Chief executive Peter Hill said: 'We are most encouraged by the results of the new 2D seismic in Namibia, which we feel have significantly de-risked our acreage with particular reference to the Gemsbok prospect.
'In Italy we have passed a significant milestone in the process towards the final award of blocks, which we view as potentially highly prospective.'
At 9:17am: (LON:GBP) Global Petroleum Ltd share price was +0.25p at 2.25p