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(Alliance News) - Global Petroleum Ltd on Thursday said it has raised GBP253,000 through the placing of 421.7 million new shares at 0.06 pence each.
Global Petroleum shares fell 21% to 0.068 pence each on Thursday in London.
The Africa and Mediterranean focused oil and gas explorer said it will use the funds raised to ensure that the liabilities of its Walvis Basin licence PEL94 are completed in line with the timeline set by the Namibian government.
It added that the funds will also provide working capital as the firm begins "to look at other exciting opportunities within the sector".
Chair Daniel Page said: "The directors have commenced a detailed exercise of cost review across the business, with a focus on ensuring funds are spent prudently but without compromising execution capability. All costs attributable to this exercise will be borne by the directors personally, who will also waive their compensation for the remainder of 2023."
"We, as a board, are very excited for the future of Global and would like to thank the new investors for joining us at this stage and to the existing shareholders for the enthusiasm and support that has been shown to us in this short time. We look forward to their continued and future support as we pursue our multiyear goals for the business."
By Harvey Dorset, Alliance News reporter
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