It said the Irish government had extended its licensing option for blocks 57/3, 57/4, 57/8 and 57/9 in the North Celtic Sea Basin 12 months until December 31 next year.

Global's Irish acreage is near the producing Kinsale head and Seven heads gas fields. The company says it has identified a lead with Jurassic and Cretaceous targets and potential oil in place of 280 million barrels.

Meanwhile, the Maltese government has extended the exploration study agreement (ESA) for Blocks 4 and 5 for six months until June 26.

Global said it was looking for reservoir, source rock and seal targets similar to those found in the producing 300 million barrel Vega oil field. The company has so far identified two key leads - Gamma and Beta - with potential oil in place of 400 million and 900 million barrels respectively.

The company said it was still seeking farminees for these projects to take over the operatorship and assist in offshore exploration work by sharing the costs, risk and upside.