Company Update
13/09/2023 07:00
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RNS Number : 2289M Global Petroleum Ltd 13 September 2023
13 September 2023
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
Global Petroleum Limited
("Global" or "the Company")
Company Update
Corporate
On 31 August 2023 Global announced that it had raised £250,000 in aggregate
before costs through the placing of 250,000,000 Ordinary Shares (the
"Placing") at a placing price of 0.1 pence per share.
The Company had previously announced on 14 August 2023 that the Namibian
Ministry of Mines and Energy had given approval for the Company and its
partners to proceed to the First Renewal Period of its Namibian licence PEL
94, with a duration of two years from September 2023 to September 2025 ("the
Renewal Confirmation"). The Company regarded it as necessary and desirable to
have received the Renewal Confirmation before proceeding with the Placing.
The Renewal Confirmation was originally expected in June, and whilst awaiting
receipt three of the Company's four directors (including the Chairman and CEO)
agreed to defer their directors' fees from July, as part of actions being
taken to preserve the Company's financial resources. The Board has resolved to
continue with this arrangement, as part of an overall effort to reduce costs
generally, and in particular minimise outgoings until such time as the
financial position of the Company has been strengthened.
Following receipt of the proceeds of the Placing and after deduction of actual
and estimated costs associated with the Placing, the Company had cash balances
of approximately US$500,000 as at 6 September 2023.
The Company will release its results for the year ended 30June 2023 during the
second half of October.
Italy
The Company has been informed that appeals against the environmental decrees
granted in its favour by the Italian authorities have recently been dismissed
by the Council of State (having previously been dismissed by the tribunal in
Rome). The actions were brought by the Municipality of Margherita di Savoia in
Puglia against the relevant Italian Ministries and entities - with Global
joined as an "interested party" - and related to the Company's applications
known as d 82 F.R-GP and d 83 F.R-GP.
The Company is informed that there are two similar cases still outstanding,
and the same outcome is expected in relation to them. The latest judgements in
Global's favour follow the victories in all of the cases brought against the
Company by various entities in Puglia, culminating in the judgement of the
European Court in January 2022 (see RNS of 14 January 2022).
In light of the recent judgement, and having provided several months ago the
further required documentation to the relevant Ministries, the Company is
advised that it is now entitled to pursue with the Italian authorities the
grant of Exploration Permits in relation to d 82 F.R-GP and d 83 F.R-GP.
Namibia
The farm-out process continues in respect of the Company's Namibian licence
PEL 94, with further announcements to be made when appropriate.
For further information please visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited +44 (0) 20 3 875 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker) +44 (0) 20 7886 2500
John Prior / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170 8200
Tom Curran/Thomas Smith
Tavistock (Financial PR & IR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
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