Global Petroleum Limited is engaged in the oil and gas exploration, development and production. The Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence No. 002 (Licence) covering Offshore Blocks 1910B and 2010A in the Republic of Namibia. The Licence covers 11,730 square kilometers and is located in offshore Namibia in water depths ranging from 1,300 meters to 3,000 meters. On August 26, 2011, the Company announced that it had completed the acquisition of Jupiter Petroleum Limited (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. On February 28, 2012, the Company sold its interest in the Olmos production wells and related lease, which formed part of the Leighton Project.