Global Petroleum Ltd Funding Update (1370V)
30 November 2023 - 6:00PM
UK Regulatory
TIDMGBP
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 GBP253,000 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:
+44 (0) 20 3 875
Global Petroleum Limited 9255
Andrew Draffin, Company Secretary and non-Executive
Director
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Joint Broker) 2500
John Prior / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170
Tom Curran/Thomas Smith 8200
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
This announcement (the "Announcement") has been issued by and is
the sole responsibility of the Company.
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END
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