Global Petroleum said it would shortly commence a structured farm-out process following the publication of the competent person's report by AGR TRACS on Namibian blocks 1910B and 2010A.
Global - which holds an 85% working interest in the licence, and is operator - said the intention was that future work on the block would be financed by a farminee.
Global has appointed Stellar Energy Advisors to advise the company in relation to the farm-out.
Chief executive Peter Hill said: 'Following the publication of the CPR, which has confirmed the high level of prospectivity on our blocks, we feel that the time is now right to commence a structured farm-out process.
'We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration.
'We also regard Stellar as the adviser best placed to assist us in the farm-out, given their extensive technical knowledge of Namibian E&P and their recent successes in advising on farm-outs in the country.'