TIDMGBP
RNS Number : 8136X
Global Petroleum Ltd
31 August 2022
31 August 2022
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")
Placing to raise GBP0.8 million.
Global Petroleum Limited (AIM: GBP) is pleased to announce that
it has successfully raised GBP800,000 in aggregate before costs
(the "Placing"), through the Placing of 228,571,428 Ordinary Shares
(the "Placing Shares") at a Placing Price of 0.35 pence per
share.
As a further component of the Placing, 114,285,714 Warrants are
also being issued at an exercise price of 0.70 pence per share for
a period of 2 years (one Warrant for every two new Ordinary Shares
issued under the Placing). In the event the Warrants are exercised
in due course in full, associated proceeds would be GBP800,000 with
the result that the Company would have raised aggregate gross
proceeds of GBP1,600,000 at a weighted average price of 0.47 pence
per share.
Monecor (London) Ltd, trading as OvalX, ("OvalX"), the Company's
Joint Broker, acted as sole broker in respect of the Placing.
Rationale for the Placing
The Placing will significantly strengthen the position of the
Company in relation to options for its licence PEL 94 offshore
Namibia, and/or the possible pursuit of other strategic investments
as previously communicated, as well as providing general working
capital.
Global notes the confirmation by TotalEnergies that it plans to
drill an appraisal well on the Venus discovery in Q3 2022. It has
been reported that TotalEnergies' plans to test both the appraisal
well and the original discovery well, Venus-1X.
Shell has also stated that, following the Graff-1 discovery and
the subsequent La Rona-1 well earlier in 2022, it will drill more
appraisal and exploration wells in order to prove commerciality and
to design the optimal development plan - this programme is widely
reported as scheduled to commence in Q3/Q4 2022.
Global's view is that there is commonality of both source and
reservoir between the Shell and TotalEnergies discoveries in the
Orange Basin, and the Company's licence PEL 94.
The Company believes that the Walvis Basin, where PEL 94 is
situated, also has the potential to be extremely successful, but
has the advantage of much shallower water depths generally than the
discoveries in the south.
As previously indicated, interest in Namibian offshore
exploration has risen significantly - a development which has
become evident to Global in the course of its farmout of PEL 94,
and also to industry observers generally. The upcoming appraisal
wells are widely expected to accelerate this interest even
further.
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 6 September 2022 at 8.00 a.m.
Following Admission, the total issued share capital of the
Company will be 1,040,113,244 Ordinary Shares. Accordingly, the
figure of 1,040,113,244 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 capital, enabling us to
progress further our exploration activities and farmout process on
PEL 94 as well as to assist optionality generally. The recent
discoveries by Shell and TotalEnergies have transformed the outlook
for Namibia's oil and gas sector, and significantly enhanced the
prospectivity of our licence.
We are also very happy to welcome new shareholders to the
Company, and 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
& Joint Broker)
John Prior / Ailsa MacMaster +44 (0) 20 7886
Corporate Broking: Hugh Rich 2500
OvalX (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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