Global Petroleum has received approval from the Namibian Competition Commission for its acquisition of Jupiter Petroleum.

Jupiter holds prospective oil and gas exploration interests offshore Namibia and offshore Juan de Nova, a French dependency in the Mozambique Channel.

Global Petroleum said the deal to acquire Jupiter is conditional on the satisfaction of several conditions precedent, including due diligence investigations, obtaining necessary consents from governmental authorities and shareholder approval.

The conditions also include a report from an independent expert that the transaction is fair and reasonable to Global shareholders.

Global Petroleum is an Australia-based oil and gas firm with a substantial portfolio of exploration projects.