7 January 2025
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK Market Abuse Regulations. Upon the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public
domain.
Global Petroleum
Limited
("Global"
or "the Company")
Capital Raise and
Retail Offer
Global Petroleum Limited (LSE AIM:
GBP) is pleased to announce a successful capital raise of
£1,500,000 to advance Juno Project, on-going PEL 94 Farm Out
discussions, licence upkeep and general working capital, as
described below.
Juno Project, Western Australia
Global is fully capitalised to meet
all the work programme commitments for Juno Project including
drilling which we expect in H2 this year. Global is excited at the
progression of Juno Project where we are targeting Intrusion
Related Gold Systems (IRGS) similar to Havieron and Telfer. The
aeromagnetic data in late 2024 was of very high quality and
confirmed the strong intensity and large size of the magnetic
feature at Juno (see figure 1). The work programme for 2025 will
include:
• 200m
Moving Loop Ground Electromagnetic (EM) Survey
• Magnetic
and Gravity Modelling
• Native Title
Agreement
•
Dipole-Dipole Induced Polarization (IP) 2D Survey
•
Negotiation and Agreement on Drilling Clearance
•
Drilling
Global are expecting further updates
on Juno Project later this month.
(FIGURE 1)
PEL
94, Namibia
The Board has been diligently
working through the festive season with our potential commercial
farm-out partner. Global has been very encouraged by their
geological team's expertise and insight into the merits of the PEL
94 licence which have further bolstered Global's conviction in
being first movers in the Walvis Basin, Namibia. Accordingly,
following the recent technical discussions with our farm-out
partner, which highlighted geological similarities to discoveries
in the Orange Basin, we have moved the 31 December 2024 deadline
for the farm-out signing. The Company is continually striving to
achieve the best possible outcome for shareholders, which includes
the potential for improved terms beyond what was initially set out
for the farm-out.
Capital Raise
Global has raised £1,500,000 in
aggregate before costs through Placing of 666,666,666 Ordinary
Shares (the "Placing
Shares") at a Price of 0.225 pence per share (the
"Fundraise"). Today's
fundraise represents a 246% increase to the last fundraise again
highlighting the board's commitment to preserving shareholder value
and this is further demonstrated with the retail investors being
offered the same terms as our institutional investors ("Retail Offer").
CMC Markets UK Plc, trading as CMC
CapX, and SI Capital acted as the Company's placing agents 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 or around 13 January 2025 at 8.00
am.
Following Admission, the total
issued share capital of the Company will be 4,593,788,456 Ordinary
Shares. Accordingly, the figure of 4,593,788,456 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.
Retail Offer
In addition to the Placing, it is
proposed that there will be a separate conditional retail offer to
existing shareholders via CMC CapX to raise up to approximately
£250,000 (before expenses) at the
Issue Price (the Retail Offer, and together
with the Placing, the Fundraise), to provide existing retail
shareholders in the Company with an opportunity to participate in
the Fundraise on the same terms as our institutional investors
(subject to demand the Company reserves the right increase the size
of the Retail Offer). A separate announcement will be made shortly
by the Company regarding the Retail Offer and its terms.
Those investors who subscribe for
new Ordinary Shares pursuant to the Retail Offer (the "Retail Shares") will do so pursuant to
the terms and conditions of the Retail Offer contained in that
announcement.
Hamza Choudhry CFO of Global Petroleum Limited
commented:
"We are very pleased with the ongoing support from our
long-term family office, high net worth shareholders and new
investors alike as we progress Juno Project and farm-out
discussions for PEL 94 in Namibia. Our primary goal is to ensure
that our shareholders can maximise their value by securing their
participation ahead of upcoming expected developments in
2025.
We
are excited for the future of Global and believe that we are
nearing a transformational period for the Company and look forward
to sharing this journey with our shareholders."
For
further information please visit: www.globalpetroleum.com.au or
contact:
Global Petroleum Limited
investors@glo-pet.com
Hamza Choudhry, CFO and Executive
Director
SPARK Advisory Partners Limited (Nominated
Adviser)
+44 (0) 20 3368 3555
Andrew Emmott, Jade
Bayat
CMC
Markets (Joint Broker)
+44
(0) 20 3003 8632
Douglas
Crippen
SI
Capital Limited
+44 (0) 14 8341 3500
Nick Emerson
Tavistock (Financial PR & IR)
+44 (0) 20 7920 3150
Simon Hudson / Nick
Elwes
This announcement has been issued by
and is the sole responsibility of the Company.