(Alliance News) - Global Petroleum Ltd on Wednesday said it has raised GBP1.4 million through the issue of 186.7 million shares at 0.75 pence each.
Shares in the oil & gas, upstream exploration company were trading 31% lower at 0.92p each on Wednesday morning in London.
Global Petroleum stated it raised GBP1.3 million through the placing of 177 million shares at 0.75p each. In addition, Chief Executive Peter Hill, Non-Executive Chair John van der Welle and Non-Executive Directors Peter Taylor, Peter Blakey, Andrew Draffin subscribed for a total of 9.7 million shares at the same price.
The Australia-based company said the new cash will be used to fund work commitments in PEL 0029 during the remaining period of the licence, as well as in PEL 0094 for the forthcoming exploration period until September 2021. It added it intends to seek a farm-in partner for exploration drilling on PEL 0094 and potentially also to progress the work programme over the PEL 0029 area.
"The funds raised will enable us to undertake our planned work on our Namibian acreage, which was further de-risked following our recent re-interpretation of the historic 3D seismic on PEL 0094. We shall also renew our farm-out campaign at a time when we believe there is substantial interest in Namibia following the recent acreage acquisitions by majors and NOCs, as well as the upcoming wells," said Chief Executive Officer Peter Hill
Following admission, Global Petroleum will have 389.3 million shares in issue.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Global Petroleum (GBP)