TIDMGBP
RNS Number : 9861W
Global Petroleum Ltd
29 April 2021
29 April 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('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")
Placing to raise GBP1.0 million
Appointment of Joint Broker
Global Petroleum Limited (AIM: GBP) is pleased to announce that
it has successfully raised GBP1,000,000 million in aggregate before
costs (the "Placing"), through the Placing of 222,222,222 Ordinary
Shares (the "Placing Shares") at a Placing Price of 0.45 pence per
share.
As a further component of the Placing, 111,111,111 Warrants are
also being issued at an exercise price of 0.9 pence per share for a
period of 2 years (one Warrant for every two new Ordinary Shares).
In the event the Warrants are exercised in due course in full,
associated proceeds will be GBP1.0 million, with the result that
the Company will have raised gross proceeds of GBP2.0 million at a
weighted average price of 0.60 pence per share.
Monecor (London) Ltd, trading as ETX Capital ("ETX Capital"),
acted as the Company's sole broker in respect of the Placing, and
will serve as Joint Broker to the Company effective upon Admission
of the Placing Shares.
Rationale for the Placing
In January 2021 the Company announced its updated Prospective
Resources on its Namibian licence PEL0094. The inclusion of seven
new leads, in addition to the Marula and Welwitschia Deep
prospects, resulted in a threefold increase to 2,284 million
barrels of Best Estimate (P50) Prospective Resources of oil net to
Global, confirming the Company's view that the acreage is highly
prospective.
Following this, Global then commenced a farm-out process, which
is currently underway.
The Company has completed its work commitments under the current
licence sub-period, which expires in September 2021. The commitment
for the next sub-period is to shoot a 2,000 square km 3D seismic
survey.
Namibia has seen multiple farm-ins or acquisitions completed
since 2017 by companies such as Qatar Petroleum, Total, ONGC,
Kosmos, and most notably ExxonMobil. Moreover, there are reported
to be several highly prospective exploration wells planned in the
coming months, notably Total's Venus-1 well, and Shell's well in
PEL0039, both in Namibia's Orange Basin.
The Placing will position the Company to enter into the next
sub-phase of PEL0094 in September 2021. Proceeds from the Placing
will be used to part-fund the cost of the future licence work
programme commitment, and for general working capital purposes.
Admission of and Dealings in the Placing and Subscription
Shares
Application has been 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
at 8.00 a.m. on 5 May 2021.
Following Admission, the total issued share capital of the
Company will be 611,541,816 Ordinary Shares. Accordingly, the
figure of 611,541,816 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.
Peter Hill, Global Petroleum's CEO, commented:
"We are very pleased to have raised additional capital which
enables us to progress our exploration activities on PEL0094, and
to welcome new shareholders to the Company. We look forward to
providing further updates in due course."
For further information please visit: www.globalpetroleum.com.au
or contact:
+44 (0) 20 3 875
Global Petroleum Limited 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser +44 (0) 20 7886
& Joint Broker) 2500
Hugh Rich / Nick Lovering / Ailsa MacMaster
Nominated Adviser: Nicholas Harland
ETX Capital (Joint Broker designate) +44 (0) 20 7392
Thomas Smith 1568
Tavistock (Financial PR & IR) +44 (0) 20 7920
Simon Hudson / Nick Elwes 3150
The Placing does not constitute a public offer of securities in
accordance with the provisions of Section 85 of the Financial
Services and Markets Act 2000 and accordingly a prospectus will not
be issued in the United Kingdom.
This announcement does not constitute an offer of securities in
the United Kingdom or in any other jurisdiction, including the
United States of America.
-ends-
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END
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