Final Results
01/11/2024 07:35
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RNS Number : 5827K Global Petroleum Ltd 01 November 2024
1 November 2024
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations ("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")
Final Results for the Year Ended 30 June 2024
Global (AIM: GBP) announces its financial results for the year ended 30 June
2024.
Summary
Operational
· The focus during the reporting period, has been on ongoing
exploration work and the farm-out process in respect of Global's Namibian
licence PEL0094 ("Licence");
· In August 2023 the Company announced that the Namibian authorities
had given approval for the Company and its partners to proceed to the First
Renewal Period of the Licence, with a duration of two years from September
2023 to September 2025 retaining its 70% interest in in the licence..
Importantly, the usual requirement at the end of the Initial Exploration
Period to relinquish 50 per cent of the Licence area was waived;
· In Italy, in September 2023, the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed. The Company
submitted further documentation in connection with the Applications some
months ago to the Italian Ministry of Ecological Transition and has been
awaiting further dialogue with the Ministry regarding the process going
forward.
Financial
· Loss after tax of US$1,041,261 for the year ended 30 June 2024 (2023:
US$1,283,634)
· Cash balances at 30 June 2024 amounting to US$193,070 (30 June 2023:
US$356,389).
· Company successfully completed fundraising rounds in August and
December 2023 totaling £503,000
Post balance sheet events:
· With a view to diversification, the Company announced on 14 August
2024 that it had acquired a 70% interest in a Joint Venture with world-class
mineral resource geologist Callum Baxter for the advancement of a mineral
exploration licence 08/3497 located in Western Australia, in a region
recognized for its rich mineral deposits.
· An additional 10% of mineral exploration licence 08/3497 was acquired
on 16 September 2024
· The Company announced on 12 August 2024 that it had entered early
commercial discussions with a farm-in partner for its Namibian licence
PEL0094.
· The Company completed an over subscribed equity fundraising round
alongside the Joint Venture deal with Callum Baxter of £850,000.
· Appointment of Omar Ahmad will be appointed as Chief Executive
Officer and Hamza Choudhry as Chief Financial Officer.
· Omar Ahmad, CEO also entered into a short-term Loan Agreement for
USD270,000 with the Company which was subsequently extended on 2 October 2024
Strategy and Outlook
Global Petroleum's strategy is centred on securing early high-growth potential
licences in mineral resources, historically focused on oil and gas but now
shifting towards gold and other mineral reources. Our goal is to enhance
shareholder value by targeting promising exploration opportunities across
Australia, Africa and Mediterranean, through direct participation in licence
rounds and strategic partnerships.
While havning historically concentrated on Africa and the Mediterranean,
Global has recently bolstered our position by acquiring a controlling interest
in a mineral resource exploration project in Western Australia. This strategic
shift not only diversifies our portfolio but also reinforces our commitment to
expanding within the mineral resource sector, positioning us for future grow
and high value creation for our shareholders which is paramount to all
Global's business decisions.
Omar Ahmad, CEO of Global Petroleum, commented:
"I am filled with optimism about the transformative journey Global Petroleum
is undertaking. The advancements in the Namibian offshore sector in the Walvis
Basin and particularly the significant developments surrounding Licence PEL
0094 with our progressing talks with a commercial farm-in partner, position us
as significant early movers in the Basin.
This is coupled with our strategic diversification into mineral resources in
Western Australia, where we are not only enhancing our asset portfolio but
also working with our distinguished Joint-Venture Partner Callum Baxter in
project Juno, where the work program is well underway.
This is an exhilarating time for Global, and we remain focused on delivering
value to our shareholders as we navigate this exciting period of growth and
look forward to sharing further updates on both our projects in due course."
The Company confirms that a full copy of its latest Annual Report and Accounts
will be available shortly on the Company's website: www.globalpetroleum.com.au
(http://www.globalpetroleum.com.au)
For further information, please visit www.globalpetroleum.com.au
(http://www.globalpetroleum.com.au) or contact:
Global Petroleum Limited +61 3 8611 5333
Andrew Draffin, Company Secretary and Non-Executive Director
SPARK Advisory Partners (Nominated Adviser) +44 (0) 20 3368 3555
Andrew Emmott
CMC Markets (Joint Broker) +44 (0) 20 3003 8632
Douglas Crippen
SI Capital Limited +44 (0) 14 8341 3500
Nick Emerson
Tavistock (Financial PR & IR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
GLOBAL PETROLEUM LIMITED LETTER TO SHAREHOLDERS
Dear Shareholders,
I am pleased to present to you the Global Petroleum Limited ("Global" or the
"Company") Annual Financial Report for the year ended 30 June 2024 following
my appointment as Chief Executive Officer in September 2024.
The Company's focus during the reporting period and thereafter has been on its
farm-in process for the Namibian licence PEL 0094 ("Licence"). Following the
year-end, we have also made strides in diversifying our asset portfolio.
Several significant changes to our board and management have occurred, both
during the reporting period and after, which we believe have enhanced our
governance and oversight. These developments have positioned us for future
growth, culminating in the appointment of a new CEO and CFO.
The Company continued to focus on the farm-in process which culminated with an
announcement in August 2024 that it had entered into early commercial
discussions regarding a farm-in on PEL 0094 with a potential operating
partner. This has been a long-term goal for the Company and the board believe
this could be transformational for the company.
During the reporting period, we observed heightened activity in the offshore
sector of Namibia, particularly in the Orange Basin. Drilling and exploration
operations by prominent companies such as Shell, TotalEnergies, Galp, and
Sintana Energy indicate that Namibia is emerging as a world-class petroleum
province, characterised by significant resource potential. These companies are
actively appraising their discoveries and advancing new exploration wells.
Additionally, exploration operations in partnership with local stakeholders
further enhance our understanding of the basin's potential. Furthermore, both
Chevron and Azule - a joint venture between BP and Eni - are expected to
commence drilling on their acreage in the Orange Basin in 2025. This dynamic
landscape underscores the growing importance of the region in the global
energy market.
The oil in the Orange Basin is interpreted both by the operators of
discoveries in the region and the Company to be sourced from the
Barremian-Aptian Kudu Shale. Work undertaken by the Company has demonstrated
that this source rock is likely generating oil in and around the Company's
PEL0094 licence. In addition, there are further similarities between some of
the reservoirs and trapping styles in the Orange Basin and those mapped by the
Company within its licence. Accordingly, the Company is positive that the
Walvis Basin, where PEL0094 is situated, also has the potential to be
extremely successful, and has the advantage of much shallower water depths
generally than the discoveries in the south.
The Company is pleased to report that there is growing interest in the Walvis
Basin, located north of the Orange Basin. Notably, Chevron announced a farm-in
to acreage in the Walvis Basin during the reporting period, which is in close
proximity to our own holdings. We believe this development will act as a
catalyst for further farm-in activity in the Walvis Basin. At Global
Petroleum, we are committed to being an early mover in this space, positioning
ourselves to secure commercial opportunities that may arise.
With a view to diversification, the Company announced subsequent to the
reporting period that it had acquired a 70% interest (subsequently increased
to 80%) in a joint venture with world-class mineral resource geologist Callum
Baxter for the advancement of a mineral exploration licence 08/3497 located in
Western Australia. The Company has also made applications for two further
exploration licences 08/374 and 52/4391 adjacent to the acquired licence which
forms the Juno Project.
This acquisition and the related applications align with the Company's
strategy to expand and diversify its portfolio within the mineral resources
sector, focusing on high-potential exploration regions. Our goal is to
maximise shareholder value by collaborating with top- tier, experienced
partners.
Regarding Italy, in September 2023 the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had 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 all four of the Company's exploration
permit applications in the Southern Adriatic ("Applications").
The Company submitted further documentation in connection with the
Applications some months ago to the Italian Ministry of Ecological Transition
and has been awaiting further dialogue with the Ministry regarding the process
going forward.
Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.
Financial Position and Corporate
The Company successfully completed equity fundraising rounds in August and
December 2023 totalling £503,000, followed by an additional £850,000 raised
in August 2024. These funds are primarily focused on advancing the exploration
and development of the Juno Project, along with supporting operational and
farm-in costs in Namibia and general working capital. I also provided an
interest free loan to the company totalling US$270,000, which I extended to
September 2025 to allow for funds to be deployed to accelerate the Company's
projects.
In late November 2023, several changes were made to the Board, with Mr. Daniel
Page and Ms. Cecilia Yu appointed as Executive Directors, and Mr. Azib Khan
appointed as Non-Executive Director. Mr John Van der Welle, Mr Peter Hill and
Mr Garrick Higgins all resigned from Board. Subsequently, Mr Daniel Page
resigned on 11 March 2024 and Ms Cecilia Yu ceased on 21 October 2024.
Subsequent to the reporting period, Hamza Choudhry and I, were appointed as
Executive Directors, with Hamza as Chief Financial Officer and myself as Chief
Executive Officer. This leadership transition underscores our commitment to
driving the Company's growth, particularly through the promising opportunities
presented by the Juno Project which Hamza and I introduced to the Company.
Financial Results
During the year ended 30 June 2024, the Group recorded a loss after tax of
US$1,041,261 (2023: US$1,283,634) with cash balances at 30 June 2024 amounting
to US$193,070 (30 June 2024: US$356,389).
Strategy and Outlook
Global fully aligns with the prevailing industry perspective that drilling
activities in the Orange Basin by Shell and TotalEnergies indicate Namibia's
emergence as a world-class petroleum province, characterised by significant
resource potential. Additionally, Chevron's recent announcement of a farm-in
to acreage in the Walvis Basin reinforces expectations of increased interest
from major companies in the region. This development presents a compelling
opportunity for Global, as we are strategically positioned to capitalise on
potential partnerships, with discussions for a commercial farm-in deal already
underway. We remain optimistic about the growth prospects this brings,
enhancing our position within this dynamic landscape.
The Company remains committed to exploring all strategic alternatives to
preserve and maximise shareholder value. Alongside our ongoing initiatives in
cost preservation and reduction, we believe we are well-capitalised following
the oversubscribed l capital raise in August 2024. Additionally, potential
commercial farm-in discussions may enable us to recover a significant
percentage of costs associated with PEL0094, which would notably enhance the
Company's financial stability.
We are aware that our shareholders recognise the transformational phase we are
entering, and we appreciate their readiness to financially support our efforts
in advancing projects and pursuing new opportunities. Our management team,
under the leadership of Hamza and I, is dedicated to this mission. Mr Ahmad
has extended his interest-free loan of US$270,000 to September 2025,
reflecting his confidence in our direction and reinforcing our financial
position.
Global is optimistic about its future prospects and remains focused on
delivering value to shareholders as it navigates this exciting period of
growth.
Omar Ahmad
Chief Executive Officer
OPERATING AND FINANCIAL REVIEW
Namibian Project
The Namibian Project consists of an operated 78 per cent participating
interest in Petroleum Exploration Licence ("PEL") 0094 (acquired in 2018)
which covers Block 2011A (see Figure 1).
Since the Company was awarded PEL 0094 it has purchased and interpreted
historic 2D and 3D seismic data over the PEL 0094 and across the Walvis Basin
to enable a better understanding of the petroleum system and the resource
potential of PEL 0094. Various studies have been undertaken which have
confirmed the view that PEL 0094 is very prospective.
One such study enabled the Barremian-Aptian Kudu Shale source rock to be
mapped with even further confidence into Global's acreage. This is the same
unit that is the source for the oil and gas that has charged the giant
discoveries in the Orange Basin to the south, such as TotalEnergies' Venus and
Mangetti, Shell's Graff, Lesedi and Jonker and Galp's Mopane. In 2021 and
2022, the Company worked with the well- regarded geochemical consultancy, IGI,
to build a number of petroleum systems models for the Walvis Basin. This study
was further updated in mid-2022 and predicts that in all cases the source rock
is mature in the northern Walvis Basin and that sufficient volumes of
hydrocarbons have migrated into the prospects in PEL0094. In June 2022, the
Company licensed a satellite radar oil seep study over the Walvis, in which a
number of oil seeps have been identified within PEL0094. This further supports
the Company's interpretation of a working petroleum system in the area.
The Company purchased additional 2D seismic data in 2022 and carried out
further technical interpretation both on the principal prospects, Marula and
Welwitschia Deep and, in particular, on the leads in the eastern part of PEL
0094.
The Company announced updated estimates of Prospective Resources for PEL0094
in March 2023. The Prospective Resources in the east of PEL0094 consist of 7
leads defined on 2D seismic data with a total unrisked gross Prospective
Resources (Mean Estimate) of 2,230 million barrels of oil ("barrels"). There
are also two prospects already imaged on pre-existing 3D seismic data at
Marula and Welwitschia Deep.
Welwitschia Deep has a mean prospective resource of 881 million barrels of oil
with a risk factor of 14% and Marula a mean prospective resource of 411
million barrels of oil with a risk factor of 29%.
On 14 August 2023, the Company announced that the Namibian authorities had
given approval for the Company and its partners to proceed to the First
Renewal Exploration Period ("FREP"), with a duration of two years from
September 2023 to September 2025. Importantly, the usual requirement at the
end of the Initial Exploration Period ("IEP") to relinquish 50 per cent of PEL
0094 area was waived. The work commitment for the FREP is to acquire, process
and interpret 2,000 kms of 3D seismic data (the "3D Seismic") - carried over
from the IEP and to drill a well contingent upon the results of the 3D
Seismic.
The oil and gas exploration sector in Namibia has been transformed since early
2022 by significant oil discoveries (with associated gas) in the Orange Basin,
to the south of Global's position. Shell and its partners Qatar Energy and
NAMCOR made the first discovery at Graff, followed by a discovery at nearby La
Rona and more recently further discoveries at Jonker and Lesedi.
Meanwhile in the licence immediately to the west, TotalEnergies and its
partners Qatar Energy, Impact Oil and Gas and NAMCOR made the Venus discovery,
which has since been successfully appraised. TotalEnergies has since drilled a
further discovery at Mangetti-1X.
This has been followed by a stunning discovery to the north of Graff by Galp
at Mopane-1X, which has already had a successful appraisal well. Woodside,
Chevron and Azule (a joint venture of bp and Eni) have also farmed into
acreage in the Orange Basin and the latter two plan to drill in 2025. The
scale of the exploration and appraisal effort strongly suggests that a
significant new petroleum producing province will be established in Namibia in
the coming years.
Now that most of the prospective acreage in the Orange Basin has been secured
by the majors, they have started to move into the Walvis Basin, in which PEL
0094 is located, with a recent farm-in announcement by Chevron to the south of
PEL 0094. As noted previously, the Orange and Walvis Basins share the same
world-class source rock for oil generation and there are also similarities
between the reservoirs and trapping styles. This led to an up-tick in interest
in the PEL 0094 farm-in process in 2024 and in August the Company announced
that it had entered into early commercial discussions with a potential
operating partner for a farm-in of its PEL0094 licence. . These discussions
continue and the Company hopes to announce a conclusion to these in the near
future.
FIGURE 1 - Map of Namibia showing PEL0094
Project Juno - Western Australia
With a view to diversification, the Company announced in August 2024 that it
had acquired a 70% interest in a joint venture with Callum Baxter for the
advancement of a mineral exploration licence 08/3497 located in Western
Australia, in a region recognised for its rich mineral deposits.
Callum Baxter was Chief Technical Officer of Greatland Gold plc and was
Chairman and CEO of Starvest plc. Callum was key geologist in the advancement
and exploration of the Havieron Gold discovery in Western Australia, one of
the largest high-grade gold discoveries in Australia over the last two
decades. Callum is a member of the Australian Institute of Geoscientists and
the Australasian Institute of Mining and Metallurgy.
Under the terms of the Joint Venture, Global will:
- acquire an initial 70% of the licence for
consideration of £200,000. Upon completion of the sale of assets, Global's
interest in the licence will be 70%, and Callum Baxter's 30%.
- hold a 3 month option to purchase an additional 10%
of the licence for £50,000 thus increasing Global's interest to 80% of the
licence, with Callum Baxter retaining 20% which was subsequently exercised
resulting in Global's interest in the licence being 80%, and Callum Baxter's
20%.
- be committed to a minimum of £750,000 expenditure
under the JV over the period of 12 months following the completion date.
- fund 100% of the JV expenditure up to the "Decision
to Mine," after which both parties will contribute according to their JV
interests.
- be the JV Manager and responsible for all
exploration activities and must furnish technical reports to Callum Baxter.
- will pay up to a 5% royalty on any future production
from the Licence. This royalty structure ensures that both parties benefit
proportionally from the success of the project.
Following the acquisition of the initial 80% interest in the Project, the
Company applied for two further Exploration Licences 52/4391 and 08/3744,
adjacent to the current Exploration Licence 08/3497, via its wholly owned
subsidiary Juno Gold Pty Ltd. Following the applications, the total area of
the Juno project has increased from 106 square kilometres to 450 square
kilometres covering multiple magnetic features.
The Company will be using an intrusion related deposit exploration model
seeking to locate precious and base metal mineralisation, similar to that at
the Havieron and Telfer deposits in northern Western Australia.
Since acquiring the Project the Company has completed an initial site visit to
assess to the Juno site and hold talk with the local pastoralist.
The Company has also completed an Airborne Geophysical Survey at the Project.
Global expects updates on the results of the Geophysical Survey to be
available before the end of the calendar year.
Italian Applications
In August 2013, the Company submitted applications, proposed work programmes
and budgets to the Italian Ministry of Economic Development for four
exploration areas offshore Italy in the Southern Adriatic: d 80 F.R- GP, d 81
F.R- GP, d 82 F.R-GP and d 83 F.R-GP (the "Applications"). The Applications
are contiguous with the Italian median lines abutting Croatia, Montenegro and
Albania respectively (see Figure 2 below).
As previously reported, various local authorities and interest groups appealed
to either the Rome Tribunal or the President of the Republic against the
Environmental Decrees in relation to the applications of the four areas.
Publication of Environmental Decrees is the final administrative stage before
grant of the permits. All first instance appeals made to the Rome Tribunal and
to the President of the Republic were subsequently adjudicated in Global's
favour.
However, Puglia, as the Italian region principally interested, made additional
appeals to the Council of State (the highest level of appeal in Italy) against
the judgements of the Rome Tribunal. The subsequent appeals were heard by the
Council of State in January 2020, and in February 2020 the Council of State
issued a judgement. Essentially, the Council of State suspended the
proceedings before it and referred the matter to the European Court,
requesting the Court to rule whether the four Applications contravene a
relevant EU Directive relating to the maximum permissible size of individual
permits, in particular having regard to the fact that the four permit
applications are contiguous.
The judgement of the European Court was announced by the Company in January
2022. The Court found, in effect, that the Company's Applications do not
contravene EU law.
Separately from the appeals process above, in February 2019 the Italian
Parliament passed a Bill suspending all hydrocarbon exploration activities -
including permit applications - for a period of 18 months. Under the proposed
legislation, a Government-appointed Commission was to review all onshore and
offshore areas for the stated purpose of evaluating their suitability for
hydrocarbon exploration and development in the future. In doing so, the
suitability of such activities in the context of social, industrial, urban,
water source and environmental factors were to be evaluated. In offshore
areas, suitability would additionally be assessed having regard to the impact
of such activity on the littoral environment, marine ecosystems and shipping
routes. Following the 18-month evaluation period, the intention was that a
Hydrocarbon Plan would be activated, setting out a strategy for future
exploration and development. Following the expiry of its initial 18-month
term, the moratorium was extended twice.
In February 2022, the Plan for Sustainable Energy Transition of Appropriate
Areas ("Plan") was published and came into legal effect. A key structural
component of the Plan is the provision that in future only exploration for gas
(as opposed to oil) will be permitted in Italy, both onshore and offshore.
With specific regard to the Applications, the Plan also provides that certain
sections of the application areas as previously constituted are deemed to be
excluded, a process referred to by the relevant authorities as
"re-perimeterisation".
Notwithstanding the Company's reservations as to the practicality of gas-only
exploration - a reservation which Global believes is widely shared within the
Energy Industry and beyond - the Company provided the Italian authorities
technical evidence of the gas prospectivity within the reduced application
areas, also thereby accepting the re-perimeterisation of those areas.
The Italian Ministry of Ecological Transition ("Ministry") subsequently
informed Global that the Company's exploration objectives in the amended
Applications are in compliance with the provisions of the Plan. The Company
accordingly submitted further documentation several months ago, since when the
Company has been awaiting further dialogue with the Ministry.
In the meantime, in September 2023, the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had 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 all four of the Company's exploration
permit applications in the Southern Adriatic:
Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.
FIGURE 2 - Map of Permit Applications - Italy offshore
EVENTS SUBSEQUENT TO REPORTING DATE
On 16 July 2024, the Company entered into a short-term Loan Agreement with Mr
Omar Ahmad for US$270,000 for general working capital requirements with an
initial repayment date of 30 September 2024. The loan was subsequently
extended to 30 September 2025 by mutual consent. The loan is interest free.
On 19 August 2024, the Company issued 1,307,692,308 fully paid ordinary shares
following a placing and retail offer which raised £600,000 and
£250,000, respectively.
On 19 August 2024, the Company issued the following securities in settlement
of various consultancy agreements entered into in relation to the acquisition
and provision of geological services for Exploration Licence EL08/3497:
- Mr Callum Baxter - 330,769,231 fully
paid ordinary shares for the provision of geological services for Exploration
Licence EL08/3497;
- Mr Omar Ahmad - 243,115,907 fully
paid ordinary shares for the introduction and management of Exploration
Licence EL08/3497; and
- Mr Hamza Choudhry - 87,653,324 fully
paid ordinary shares for the introduction and management of Exploration
Licence EL08/3497
On 12 September 2024 the Company announced the acquisition of a 70% interest
from Mr Callum Baxter in Mineral Resource Exploration Licence EL08/3497 ("the
License"), located in Western Australia following payment of £200,000 in
accordance with the Sale and Joint Venture Agreement between the parties.
On 16 September 2024 the Company announce it has exercised its option to
acquire an additional 10% stake from Mr Callum Baxter in Exploration Licence
08/3497 ("the Licence") in Western Australia. As per the Sale and Joint
Venture Agreement announced to the market on 14 August 2024, this has entailed
a payment of £50,000 to Mr Baxter.
On 18 September 2024 the Company announced the appointments of Omar Ahmad and
Hamza Choudhry to the Company's board of directors ("Board") as Executive
Directors, with immediate effect. Omar Ahmad will be appointed as Chief
Executive Officer and Hamza Choudhry will be appointed as Chief Financial
Officer.
On 21 October 2024, Ms. Cecilia Yu ceased as a director of Global Petroleum
due to her entering personal bankruptcy, which is unrelated to the company,
resulting in the cancellation of 250,000,000 incentive options held by her.
GLOBAL PETROLEUM LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
2024 2023
US$ US$
Continuing operations
Other income 46,048 -
Write back of provision of annual leave 259,751 -
Employee benefits expense (211,953) (397,456)
Administrative expense (441,559) (727,225)
Exploration and business development expenses (10,248) (27,667)
Depreciation and amortisation expense (9,719) (3,439)
Share based payments (477,475) (47,027)
Other expenses (150,954) (113,653)
Loss on extinguishment of liability (52,803) -
Foreign exchange gain (loss) 268 24,557
Results from operating activities (1,048,644) (1,291,910)
Finance income 7,383 8,276
Net finance income 7,383 8,276
(Loss) from continuing operations before tax (1,041,261) (1,283,634)
Tax expense - -
(Loss) from continuing operations after tax (1,041,261) (1,283,634)
(Loss) for the year (1,041,261) (1,283,634)
Earnings per share
From continuing and discontinued operations
Basic earnings per share (cents) (0.07) (0.12)
Diluted earnings per share (cents) (0.07) (0.12)
GLOBAL PETROLEUM LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
Assets 2024 2023
US$ US$
Current assets
Cash and cash equivalents 193,070 356,389
Trade and other receivables 24,030 35,301
Other assets 130,050 190,083
Total current assets 347,150 581,773
Non-current assets
Property, plant and equipment - 9,719
Exploration and evaluation assets 2,017,693 1,724,039
Total non-current assets 2,017,693 1,733,758
Total assets 2,364,843 2,315,531
Liabilities
Current liabilities
Trade and other payables 324,175 89,894
Provisions - 259,751
Total current liabilities 324,175 349,645
Total liabilities 324,175 349,645
Net assets 2,040,668 1,965,886
Equity
Issued capital 45,451,618 44,343,531
Reserves 862,183 854,227
Accumulated losses (44,273,133) (43,231,872)
Total equity 2,040,668 1,965,886
GLOBAL PETROLUEM LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
Issued Capital Option Reserve Foreign Accumulated Total
Currency Losses
Translation
Reserve US$
US$ US$ US$ US$
Consolidated Group
Balance at 1 July 2022 43,474,971 678,632 570,410 (42,390,080) 2,333,933
Comprehensive income
Loss for the year - - - (1,283,634) (1,283,634)
Total comprehensive income for the year - - - (1,283,634) (1,283,634)
Transactions with owners, in their capacity as owners, and other transfers
Issue of shares 924,000 - - - 924,000
Transaction costs (55,440) - - - (55,440)
Issue of options - 47,027 - - 47,027
Expiry of options - (441,842) - 441,842 -
Total transactions with owners and other transfers 868,560 (394,815) - 441,842 915,587
Balance at 30 June 2023 44,343,531 283,817 570,410 (43,231,872) 1,965,886
Balance at 1 July 2023 44,343,531 283,817 570,410 (43,231,872) 1,965,886
Comprehensive income
Loss for the year - - - (1,041,261) (1,041,261)
Total comprehensive income for the year - - - (1,041,261) (1,041,261)
Transactions with owners, in their capacity as owners, and other transactions
Issue of shares 1,177,724 - - 1,177,724
Transaction costs (69,637) - - (69,637)
Issue of options - 7,956 - 7,956
Expiry of options - - - -
Total transactions with owners and other transactions 1,108,087 7,956 - - 1,116,043
Balance at 30 June 2024 45,451,618 291,773 570,410 (44,273,133) 2,040,668
GLOBAL PETROLEUM LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR
ENDED 30 JUNE 2024
2024 2023
US$ US$
Cash flows from operating activities
Interest received 7,383 8,276
Payments to suppliers and employees (734,215) (1,202,684)
GST/VAT refunds received 83,165 3,632
Net cash (used in) operating activities (643,667) (1,190,776)
Cash flows from investment activities
Payments for exploration and business development expenditure (257,854) (460,107)
Net cash (used in) investing activities (257,854) (460,107)
Cash flows from financing activities
Proceeds from issue of shares 808,102 924,000
Payments for capital raising costs (69,637) (55,440)
Net cash provided by financing activities 738,465 868,560
Net increase in cash held (163,056) (782,323)
Cash and cash equivalents at beginning of financial year 356,389 1,139,775
Effect of exchange rates on cash holdings in foreign currencies (263) (1,063)
Cash and cash equivalents at end of financial year 193,070 356,389
-ends-
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