Jupiter Spuds Kazakh Well

- Jupiter Spuds Kazakh Well

Monday, August 01, 2011
Jupiter Energy Ltd.

Jupiter Energy reported that the J-51 Exploration Well, located in the Mangistau basin in south-west Kazakhstan, spudded on July 30, 2011.

The surface location for J-51 is 2 km South West from J-50 and 1.7 km North West from J-52. J-51 is scheduled to take ~60 days to reach target depth of approximately 3200 meters and has been designed to evaluate the prospectivity of the primary Triassic and secondary Jurassic targets within the structure known as Akkar East.

The casing design is configured to allow the well to be used as a future production well.

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Global Petroleum Updates Jupiter Acquisition

- Global Petroleum Updates Jupiter Acquisition

Friday, July 01, 2011
Global Petroleum Ltd.

Global Petroleum advised that the Notice of Meeting whereby Global will seek shareholder approval for the acquisition of Jupiter Petroleum Limited ("Jupiter") has been finalized and submitted for regulatory review.

Under the sale and purchase agreement, Global will acquire Jupiter which holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.

The sale and purchase agreement is conditional on the satisfaction of a number of conditions precedent, including due diligence investigations, obtaining necessary consents from governmental authorities, a report from an independent expert that the transaction is fair and reasonable to Global shareholders, and shareholder approval at a General Meeting.

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Global Petroleum Gets Namibian Nod for Jupiter Acquisition

- Global Petroleum Gets Namibian Nod for Jupiter Acquisition

Wednesday, June 08, 2011
Global Petroleum Ltd.

Global Petroleum has received notification from the Namibian Competition Commission approving the acquisition of Jupiter Petroleum Limited by Global.

Under the sale and purchase agreement, Global will acquire Jupiter which holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.

The sale and purchase agreement is conditional on the satisfaction of a number of conditions precedent, including due diligence investigations, obtaining necessary consents from governmental authorities, a report from an independent expert that the transaction is fair and reasonable to Global shareholders, and shareholder approval at a General Meeting.

As previously advised, consent for the transaction was required from the Namibian Competition Commission, and the Company is pleased that this requirement has been satisfied.

The Company is continuing to work towards satisfying the remaining conditions precedent as soon as possible and, subject to regulatory review, anticipates sending a Notice of Meeting to shareholders by the end of June.

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Global Petroleum Briefs on Jupiter Acquisition

- Global Petroleum Briefs on Jupiter Acquisition

Thursday, May 26, 2011
Global Petroleum Ltd.

Global Petroleum provided an update on its acquisition of Jupiter Petroleum, which holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova, a French dependency in the Mozambique Channel.

The sale and purchase agreement to acquire Jupiter is conditional on the satisfaction of a number of conditions precedent, including due diligence investigations, obtaining necessary consents from governmental authorities, a report from an independent expert that the transaction is fair and reasonable to Global shareholders, and shareholder approval at a General Meeting.

As previously advised, consent for the transaction is required from the Namibian Competition Commission. Submissions for approval of the acquisition have been lodged with the Commission and the parties are awaiting a response.

The Company is continuing to work towards satisfying the conditions precedent as soon as possible. In order to allow sufficient time to meet the conditions precedent for completion, the parties to the sale and purchase agreement have agreed to extend the end date for satisfaction of the conditions precedent from June 30, 2011 to August 31, 2011.

Global is in the process of preparing the Notice of Meeting seeking shareholder approval for the Jupiter transaction. The Notice of Meeting will include the independent expert report. Approval will also be sought at the same meeting for the incentive options to a director and consultants announced on May 13, 2011.

Allowing for the completion and dispatch of the Notice of Meeting, the Company now expects the meeting to be held in mid to late July.

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