REG - Global Petroleum Ltd - Funding Update

Global PetroleumAnnouncement

30/11/2023 07:15

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RNS Number : 1370V  Global Petroleum Ltd  30 November 2023

 

 

30 November 2023

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('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")

 

Funding Update

 

Funding secured via an equity raise to meet obligations relating to the Walvis
Basin License PEL94 in Namibia and for Working Capital purposes.

 

Global Petroleum Limited (LSE AIM: GBP) ("Global" or "the Company"), an oil
and gas upstream exploration company presently focused on Africa and the
Mediterranean, announces that it has raised £253,000 in aggregate before
costs through a Placing of 421,666,666 Ordinary Shares (the "Placing Shares")
at a Price of 0.06 pence per share (the "Fundraise").

 

Daniel Page, Executive Chairman of Global Petroleum commented:

 

"The primary purpose of the Fundraise is to ensure that the liabilities in
relation to the obligations of the Company's Walvis Basin licence PEL94 are
completed to pre-agreed timelines set by the Namibia Government, as the
directors now believe them to be.

 

The funding will also allow us to have further working capital as we begin to
look at other exciting opportunities within the sector which I am keen to
integrate as part of Global's portfolio of assets with this process starting
shortly. Delivering long term shareholder value is fundamental for us as a new
board.

.

The assessment of the liabilities and obligations of the Namibia License was a
key agenda point of the new board as we see the potential of this asset and
believe that it can be a significant value driver for the Company. I look
forward to visiting the team in Namibia in the near future to explore this
project further.

 

The directors have commenced a detailed exercise of cost review across the
business, with a focus on ensuring funds are spent prudently but without
compromising execution capability. All costs attributable to this exercise
will be borne by the directors personally, who will also waive their
compensation for the remainder of 2023.

 

We, as a board, are very excited for the future of Global and would like to
thank the new investors for joining us at this stage and to the existing
shareholders for the enthusiasm and support that has been shown to us in this
short time. We look forward to their continued and future support as we pursue
our multiyear goals for the business."

 

CMC Markets ("CMC"), the Company's Joint Broker, acted as sole broker in
respect of the Placing.

 

Admission of and Dealings in the Placing Shares

Application will be made to AIM for the Placing Shares, which will rank pari
passu with existing Ordinary Shares, to be admitted to trading on AIM
("Admission"). Dealings are expected to commence on 5(th) December 2023 at
8.00 a.m.

 

Following Admission, the total issued share capital of the Company will be
1,711,779,910 Ordinary Shares. Accordingly, the figure of 1,711,779,910 may be
used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to, their interest in the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

For further information please visit: www.globalpetroleum.com.au or contact:

 

 Global Petroleum Limited                                      +44 (0) 20 3 875 9255
 Andrew Draffin, Company Secretary and non-Executive Director

 Panmure Gordon (UK) Limited (Nominated Adviser                +44 (0) 20 7886 2500

 & Joint Broker)
 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

 

This announcement (the "Announcement") has been issued by and is the sole
responsibility of the Company.

 

 

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