TIDMGBP
RNS Number : 3733I
Global Petroleum Ltd
12 August 2021
12 August 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 million
Global Petroleum Limited (AIM: GBP) is pleased to announce that
it has successfully raised GBP1,000,000 in aggregate before costs
(the "Placing"), through the Placing of 200,000,000 Ordinary Shares
(the "Placing Shares") at a Placing Price of 0.5 pence per
share.
As a further component of the Placing, 100,000,000 Warrants are
also being issued at an exercise price of 1 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 GBP1,000,000 with the result that the
Company will have raised gross proceeds of GBP2,000,000 at a
weighted average price of 0.67 pence per share.
Monecor (London) Ltd, trading as ETX Capital ("ETX Capital"),
the Company's Joint Broker, acted as sole broker in respect of the
Placing.
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.
The Company completed some time ago its work commitments under
the current licence sub-period, which expires in September 2021.
Having done so, the Company announced on 10 August 2021 that the
Ministry of Mines and Energy ("Ministry") had agreed to Global's
proposal to enter into the next licence sub-period, from September
2021 to September 2022. The work commitment for the next sub-period
is to acquire and process 2,000 square kilometres of 3D seismic
data, a commitment which Global expects to fulfil via a
farmout.
The farmout process is currently underway. The wider context in
offshore Namibia exploration is the drilling programme in Namibia's
Orange Basin to be undertaken by the oil majors, Total (Venus-1 )
and Shell (PEL0039). Both wells are expected to spud in Q4
2021.
The Placing will position the Company to part-fund the new
licence commitments, as well as provide general working capital,
including the possible pursuit of other strategic options, as
previously communicated.
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
on or around 18 August 2021 at 8.00 a.m.
Following Admission, the total issued share capital of the
Company will be 811,541,816 Ordinary Shares. Accordingly, the
figure of 811,541,816 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 further capital, enabling us
to continue progress with our exploration activities on PEL0094,
and also providing the Company with optionality through this
exciting period for Namibian offshore exploration. We are also very
happy 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 3875
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) +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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