Update on PEL 94 Farm-Out Transaction
24/01/2025 07:00
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RNS Number : 5312U Global Petroleum Ltd 24 January 2025
24 January 2025
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
Global Petroleum Limited
("Global" or "the Company")
Update on PEL 94 Farm-Out Transaction
Global Petroleum Limited would like to provide an update on the ongoing
farm-out transaction for Petroleum Exploration Licence (PEL) 94.
The farm-out transaction is progressing well, and all parties are working
diligently towards a successful conclusion. We are also pleased to report
renewed and new interest from several well-known companies in the oil and gas
industry. This increased interest underscores the attractiveness of PEL 94 and
our strategic position in the market.
To ensure we secure the best possible outcome for our shareholders, we decided
to push out the previously stated deadline of 31st December 2024. Our priority
is to evaluate all available options thoroughly, without being constrained by
a strict timeline. By doing so, we aim to achieve the most advantageous terms
and conditions for the Company and its shareholders.
We will update the market as and when significant developments occur. Our aim
is to conclude the transaction at the earliest opportunity with the most
beneficial terms for the Company and its shareholders.
Omar Ahmad, CEO of Global Petroleum Limited, commented:
"We are committed to exploring all opportunities and secure the best possible
deal for our shareholders. The renewed and new interest from well-known
companies is a testament to the potential of PEL 94. This strategic decision
allows us to achieve the most beneficial outcome for the Company. We
appreciate the patience and support of our shareholders as we continue to work
on this important transaction."
For further information please visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited
investors@glo-pet.com
Hamza Choudhry, CFO and Executive Director
SPARK Advisory Partners Limited (Nominated Adviser)
+44 (0) 20 3368 3555
Andrew Emmott, Jade Bayat
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
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