Petroleum Africa
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Thursday, September 14, 2023
On August 31 Global Petroleum 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 August 14 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 license PEL 94, with a duration of two years from September 2023 to September 2025. Global 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 minimize 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 $500,000 as of September 6. Global will release its results for the year ending June 30, 2023 during the second half of October.
The company went on to add that the farm-out process continues in respect of the of its Namibian license PEL 94, with further announcements to be made when appropriate.
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