Global Petroleum Ltd - oil & gas exploration in Africa and the Mediterranean - Raises GBP800,000 through a placing of 228.6 million shares at a price of 0.35 pence each.
In addition, will issue 114.3 million warrants at an exercise price of 0.70p for a period of two years, which would raise GBP800,000 if all warrants are exercised.
Monecor London Ltd acted as sole broker for the placing. Proceeds from the placing will go towards strengthening Global Petroleum's position in relation to options for its licence PEL 94 offshore Namibia, as well as the possible pursuit of other strategic investments.
Global Petroleum now has 1.04 billion shares issued overall.
"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," said Chief Executive Officer Peter Hill.
Current stock price: 0.37 pence, down 13% on Wednesday
12-month change: down 31%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Global Petroleum (GBP)